NBP an­nounces cash di­vided, bonus shares

The Financial Daily - - NATIONAL -

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.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.