NBP announces cash divided, bonus shares
Staff Reporter KARACHI: National Bank of Pakistan held its 62nd Annual General Meeting at Pearl Continental Hotel Karachi on Wednesday. The meeting was well attended by the share holders and the senior executives from the Bank.
The share holders approved dividend payout of 75% cash dividend (Rs. 7.50/- per share) and 25% Bonus shares as recommended in the Board of Director's meeting held on March 1, 2011.
Acting President of the bank, Qamar Hussain welcomed the share holders to the 62nd Annual General Meeting of the Bank. On behalf of the bank's management and the Board of Directors he appreciated the efforts and contribution made by the former President S. Ali Raza during his tenure of 10 1/2 years as president of National Bank of Pakistan. He then requested the financial controller to give an overview of the bank's financial performance 2010.
The Bank's Financial Controller highlighted the key successes that the bank has achieved during the year despite the various challenges that the Pakistani economy had to face due to the devastating floods, growing inflationary pressure and widening of fiscal deficit. He informed the share holders that NBP became the first Pakistani Bank to surpass the 'Rs1 trillion benchmark' with an impressive increase in deposits of Rs105 billion or 14%. Advances remained at the same level as year 2009 and this is in line with the Industry trend. The Bank 's Capital and Reserves increased from Rs119 billion to Rs128 billion the highest amongst all Pakistani banks.
The Bank posted a Pretax profit of Rs24.4 billion which is 15% higher from Rs21.3 billion in 2009. The increase is owing to higher core revenues and lower provision charge. Net interest income increased by
of 15% from last year, while fee income was up by 8% on account of higher trade finance and general banking income. After tax profit, remained at last year level of Rs.17.6 billion due to prior year's tax reversal of Rs4.1 billion in 2009. EPS for the year was Rs13.05 which is at the same level as year 2009.
Financial Controller also highlighted the growth that the bank have achieved over the last five years in terms of deposits, advances, assets and profit. He mentioned that compared to other banks in Pakistan NBP is at number one in terms of Total Assets, Deposits, Capital and Reserves and After tax Profit.
The Acting President highlighted the future strategies of the bank which include reduction in NPLs, focus on low cost deposits, increase in fee based income and technology up gradation. He explained that a number of projects are under way at the bank to upgrade the I.T. infrastructure of the Bank.