NBP mark-up income up by 45.9pc to Rs45.8b

Pre-tax profit rises by 15pc to Rs8.7b

Meeting of the Board of Directors (BoD) of National Bank of Pakistan (Bank) was held at Bank's Head Office in Karachi in which the BoD approved the financial statements of the Bank for the quarter ended March 31, 2019.

The Bank earned markup/interest income amounting to PKR 45.8 billion which is 45.9% higher than PKR 31.4 billion earned during the corresponding period last year.

This growth is attributed to the increase in discount rate, as well as a volumetric growth in both investment and advances, YoY. Also, the Bank's nonmark-up/interest income increased by 40.2% YoY and amounted to PKR 8.3 billion.

The Bank's unconsolidated pre-provision profit amounted to PKR 10.98 billion which is 45.2% higher than PKR 7.6 billion for the corresponding period last year. Pre-tax profit of the Bank amounted to PKR 8.7 billion as against PKR 7.6 billion for the corresponding quarter of 2018, registering an increase of 15.3%.

After-tax profit for the period under review amounted to PKR 4.2 billion being 14.5% lower than PKR 4.9 billion earned during the corresponding period of 2018 due to imposition of super tax vide the Finance Supplementary (Second Amendment) Act 2019 for the tax year 2018 (financial year ended December 31, 2017). Earnings per share amounted to PKR 1.97 as against PKR 2.30 for the corresponding quarter ended March 31, 2018.

Total assets of the Bank as at March 31, 2019 stood at PKR 2,401.8billion compared to PKR 2,798.6 billion as at December 31, 2018, registering a decline of 14.2%. Gross advances of the Bank amounted to PKR 1,046.1 billion which is slightly lower than PKR 1,059.5 billion as at December 31, 2018. However, YoY, total advances stand increased by PKR 176.6 billion or 20.3%.