NBP enjoys a 84% growth in yearly earnings

MG News | February 24, 2021 at 02:28 PM GMT+05:00

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February 24, 2021 (MLN): National Bank of Pakistan has reported earnings of Rs. 30.58 billion (EPS: 14.33) for the year ended December 31, 2020, i.e. around 84% higher as compared to the last year.

The rise in interest income by 7.64%, as well as decline in interest expense by 8.3%, allowed the Net Interest Income of NBP to grow by 44.66%. However, the non-interest income didn’t show the same momentum as it fell by 1.06% on account of lower fee income, dividend income, forex income as well as non-core income. It is worth mentioning that NBP saw a 265% growth in in gain on securities.

Against a 28.95% growth in total income, the bank saw a 4.36% decline in total expenses, which further helped in boosting the earnings.

Nonetheless, some setback was faced in the form of a 128% increase in provisioning costs, as well as a 28.12% rise in income tax expense.

Consolidated financial results for the year ended December 31, 2020 ('000 Rupees)
	Dec-20	Dec-19	% Change
Mark-up/return/interest earned	258,031,378	239,710,290	7.64%
Mark-up/return/interest expensed	153,651,948	167,556,408	-8.30%
Net mark-up/interest income	104,379,430	72,153,882	44.66%
NON MARK-UP/INTEREST INCOME
Fee and commission income	19,480,452	20,416,642	-4.59%
Dividend income	1,835,129	3,099,277	-40.79%
Foreign Exchange income	4,342,201	6,320,455	-31.30%
Gain on securities - net	7,912,766	2,165,524	265.40%
Share of (loss)/profit from joint venture - net of tax	(219,389)	(96,336)
Share of(loss)/profit from associates - net of tax	42,813	37,331	14.68%
Other income	3,965,483	5,816,974	-31.83%
Total non mark-up/interest income	37,359,455	37,759,867	-1.06%
Total Income	141,738,885	109,913,749	28.95%
NON MARK-UP/INTEREST EXPENSES
Operating expenses	64,126,064	67,228,062	-4.61%
Workers welfare fund	-	-
Other charges	316,439	150,585	110.14%
Total non mark-up/interest expenses	64,442,503	67,378,647	-4.36%
Profit before provisions	77,296,382	42,535,102	81.72%
Provisions and write offs - net	30,911,976	13,557,101	128.01%
Profit before taxation	46,384,406	28,978,001	60.07%
Taxation	15,798,487	12,330,809	28.12%
Profit after taxation	30,585,919	16,647,192	83.73%
Basic and diluted earnings per share	14.33	7.79	83.95%

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