Meeting of the Board of Directors (BoD) of National Bank of Pakistan (bank) was held on April 21, 2017 at Bank’s Head Office in Karachi in which the BoD approved the financial statements of the bank for three months period ended March 31, 2017. The bank recorded a pre-tax profit of Rs.
6.7 billion i.e. 7.8% up against Rs. 6.2 billion for the corresponding three months period of 2016. After-tax profit for the period was Rs. 4.2 billion i.e. 4.1% higher than Rs. 4.0 billion for the corresponding three months period of 2016. This translates into earnings per share of Rs.1.98 as against Rs.1.90 for the corresponding quarter of 2016.
Bank’s net interest / mark-up income increased by 2.2% to Rs. 12.3 billion against Rs. 12.0 billion for Q1 of 2016. This was achieved through maintaining an efficient asset-mix of high-yield loans and investments. Similarly, growth was also achieved in non-mark-up / interest income for the period which increased by 13.1% YoY to Rs. 7.4 billion.
While the balance sheet footing dropped by 2% compared to year end 2016, the bank recorded a healthy YoY growth in both deposits and advances. As of March 2017 bank’s deposits amounted to Rs. 1,588 billion being 25% up against that of March 2016; whereas the net advances also increased to Rs. 648 billion i.e. 17% up YoY.
National Bank being the largest bank of Pakistan is operating with more than 1400 branches across Pakistan. In addition to core services being trustee of public funds, bank has diversified its business portfolio and has been competing market in the debt equity market, corporate investment banking, retail & consumer banking including agricultural and government collections & payments. NBP aims to evolve a National Payment Eco-System to facilitate entire population of country through every possible delivery channel 24/7. Under this initiative bank is already in process to enhance digital outreach through all available digital channels in the banking.