Operating Profit is the profit generated by the enterprise of the company before interest, taxes, dividends and debt repayments are paid. It is calculated as Gross Profit minus Operating Expenses. When a firm has zero non-operating profit, then operating profit is equal to EBIT (earnings before deduction of interest payments and income taxes).
NB: In the case of Banks, Operating Income is defined as Profit Before Tax as interest income/expense is operational.
Operating Profit is generally seen as the best profitability figure to focus on when viewing the health of the underlying operations. As it is calculated before deducting tax and interest, it is a more complete picture of the earning power of the company than the more commonly seen Net Profit which is only relevant to equity shareholders.