NBP earns net profit of Rs. 4.89 bn, 16.5% up YoY

Meeting of the Board of Directors (BoD) of National Bank of Pakistan (Bank) was held on April 27, 2018 at the Bank’s Head Office in Karachi in which the BoD approved the financial statements of the Bank for three months period ended March 31, 2018.

Operating income of the Bank remained flat YoY with 1.7% increase amounted to Rs. 20.02 billion compared to Rs. 19.69 billion for similar period last year. Net interest / mark-up income amounted to Rs. 14.12 billion with 14.9% growth as compared to Rs. 12.29 billion of corresponding period last year. On the other side, non-interest / mark-up income declined by 20.3% on YoY basis from Rs. 7.40 billion to Rs. 5.89 billion mainly due to decline in Capital Gains & Exchange Income.

After-tax profit during Q1 2018 was Rs. 4.89 billion i.e. 16.5% higher against Rs. 4.20 billion during corresponding period of last year. This translates into earnings per share of Rs. 2.30 (March ’17: Rs. 1.98) representing an increase of 16.2%. Bank’s pre-tax profit during Q1 2018 was Rs.7.57 billion; i.e. 13.8% higher against Rs. 6.65 billion during corresponding period last year. Pre-tax and after-tax return on average equity were 23.62% and 15.27% (Mar ’17: 23.29% and 14.72%) respectively.

As we continued expanding our market outreach through multiple delivery channels, we are making our income more sustainable by putting more emphasis on core banking activities. With a 10.84% YoY increase against Rs. 1,936 billion as of March 31, 2017; asset base of the Bank reached at Rs. 2,146 billion as of March 31, 2018.

Maintaining its leadership position in the banking industry, NBP has continued emphasizing on customer satisfaction by improving service quality, market outreach through reducing turnaround time, adding more to its product suite, restructuring its business model, and adopting the modern-day banking practices. Provision of services through Alternate Delivery Channels and Customer Service Quality are now among top priorities of the Bank. With “AAA” credit rating, the Bank is a driving force in financial industry with its large domestic distribution network and international branches, and a wide range of products & services.

Posted in Banking & Insurance News.

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