NBP records 23pc growth in profit

Pakistan Observer - - ECONOMY WATCH - STAFF RE­PORTER

KARACHI—The Board of Direc­tors of Na­tional Bank of Pak­istan, in their meet­ing held on Thurs­day, ap­proved the fi­nan­cial state­ments of the bank for the quar­ter ended March 31, 2016. The bank, for the three month pe­riod ended March 31, 2016 recorded a pre-tax profit of Rs 6.2 bil­lion 23% higher than Rs 5.0 bil­lion for the cor­re­spond­ing pe­riod of 2015. Sim­i­larly, the af­ter-tax profit also re­mained 23% higher at Rs 4.0 bil­lion com­pared to Rs 3.3 bil­lion for the quar­ter ended March 31, 2015. This trans­lates into Earn­ings per share of Rs 1.90 for March 2016 as against Rs.1.54 for quar­ter ended March 31, 2015. Pre- tax and af­ter tax re­turn on eq­uity stand at 22.6% and 14.8% re­spec­tively; whereas pre­tax and af­ter tax re­turn on as­sets are at 1.5% and 1% re­spec­tively.

De­spite a gen­eral re­duc­tion in the dis­count rate dur­ing the year, the net in­ter­est in­come in­creased from Rs 10.6 bil­lion in Q1-2015 to Rs 12.0 bil­lion in Q1-2016 re­flect­ing an in­crease of 14%. The pro­vi­sion charge against the NPL was sig­nif­i­cantly lower at Rs 1.06 bil­lion com­pared to Rs 3.05 bil­lion in Q1-2015. Non markup / in­ter­est in­come de­creased by 23% to Rs 6.5 bil­lion com­pared Rs 8.5 bil­lion for the Q1, 2015.

The drop is mainly at­trib­uted to the lower gains gen­er­ated from sale of se­cu­ri­ties. As com­pared to Rs 1,136 bil­lion as of March 2015, the Bank’s de­posits in­creased by 12% to Rs 1,274 bil­lion as of March 31, 2016. The Bank’s branch net­work con­sists of 1403 do­mes­tic branches, in­clud­ing 82 branches ded­i­cated for Is­lamic bank­ing. ATM net­work has now in­creased to 1,150+ ma­chines, with 6 ATM cen­tres. With de­ploy­ment of Core Bank­ing Ap­pli­ca­tion, the bank’s has now be­come more ca­pa­ble of launch­ing tech­nol­o­gy­based prod­ucts like on­line / mo­bile bank­ing, cash man­age­ment, cards etc.

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