NBP profits soar up by 73.65pc for third quarter 2017

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KARACHI: In a notification sent to the bourse on Friday, National Bank of Pakistan reported its earnings for the first nine months of 2017, posting a Rs6.151m profit for the third quarter ended September 30th.

Mark-up/Interest earned went up by 16.02pc to touch Rs30.917m for third quarter of FY 2017 against Rs26,646m in same period last year (SPLY). Interest income barely moved up by 2.28pc to touch Rs11.866m for third quarter of FY 2017 compared to Rs11.621m in SPLY.

In the non-mark-up section, Brokerage income went up by 47pc to touch Rs4.708m compared to Rs3.207m in SPLY. Dividend income rose 32.39pc for third quarter of FY 2017 to touch Rs0.619m against Rs0.467m in SPLY. And other income went up a notch by 16pc, touching Rs0.482m against 0.416m in SPLY.

Administrative expenses rose slightly by 3.72pc, reaching Rs0.482m for third quarter of FY 2017 against Rs0.416m in SPLY. “Other Charges” racketed up by 167.2pc for third quarter of FY 2017 touching Rs132,189 compared to Rs7,459 in SPLY.

NBP’s profits soared up by 73.65pc for third quarter of FY 2017 to touch Rs6.186m compared to Rs3.562m in SPLY.

Earnings per share were reported at Rs2.90 for third quarter of FY 2017, going up by 74.7pc against Rs1.66 in SPLY.

The bank announced no cash dividends, right shares and bonus issue for the third quarter ended 30th September 2017.

At the time of filing this report, NBP’s shares were trading at Rs46.40, down Rs0.66 from its opening on Friday. KSE-100 index was trading at mid-day break at 41,047.39 points, down 362.10 points from Friday’s opening.

NBP has been in a conundrum since a Supreme Court decision ordered it to payback Rs47.8b to its pensioners and retired employees as per the banks old policy which was revised in 1999.

NBP President Saeed Ahmed had warned equity would get eroded by 1/4th if it loses a review petition filed in the apex court.

He had issued a warning the SC decision could impact NBP’s operations in Saudi Arabia, United States, Europe and Bahrain as its financial position would become untenable.