NBP announces 46pc after-tax profit in half-yearly results

In a meeting of the Board of Directors (BoD) of National Bank of Pakistan (Bank) which was held on August 30, 2018, at the Bank’s Head Office in Karachi, the BoD approved the financial statements of the Bank for the half year ended June 30, 2018.

The Bank recorded a pre-tax profit of Rs17.16 billion being 26 per cent higher than the Rs13.61 billion earned during the corresponding six months period of 2017. The after-tax profit for the period amounted to Rs12.49 billion i.e. 46 per cent higher than the Rs8.55 billion for the corresponding period of 2017. This translates into earnings per share of Rs5.87 as against Rs4.02 for the corresponding period last year.

Bank’s net interest/markup income increased by 15.7 per cent to Rs31.14 billion against Rs26.05 billion for the corresponding period of 2017. This was achieved through maintaining an efficientasset-mix of high-yield loans and investments. The Bank has recently introduced changes in its operating structure for better service quality in order to enhance customer loyalty. Income from dividend and capital gains however recorded a drop due to the lacklustre performance of Stock Market. Overall non mark-up / interest income for the period amounted to Rs15.25 billion which is marginally lower by 2.7 per cent as compared to Rs15.68 billion for the corresponding period of last year.

With a 12.1 per cent growth by reference to December 31, 2017, the balance sheet size of the Bank has increased to Rs2.66 trillion. As of June 2018, Bank’s deposits amounted to Rs1910.67 billion being 10.6% higher as compared to that of December 31, 2017. The net advances also increased to Rs790.4 billion showing an increase of 6.8 per cent as compared to December, 2017.

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