NBP registers 28% drop in profits in 1HCY22
MG News | August 17, 2022 at 03:30 PM GMT+05:00
August 17, 2022 (MLN): National Bank of Pakistan (NBP) has observed a 28% YoY reduction in net profits to Rs12.24 billion (EPS: Rs5.74) during the first half of the calendar year ended June 30, 2022, mainly attributed to 97% increase in tax expenses.
NBP declared a profit before income tax at Rs34bn in 1HCY22 which is 21% higher than a pre-tax profit of Rs28bn in the same period of the last year.
The bank booked Rs22bn taxes during 1HCY22, showing a 97% YoY jump against Rs11bn taxes paid in SPLY, due to the imposition of super tax in large-scale industry.
Going by the financial results, despite the higher policy rate, the net interest income of the bank inched up by only 12% YoY to Rs53bn as soaring interest expenses by 2x YoY offset the impact of an increase in interest income earned by the bank during the said period.
While the non-interest income moved up by only 2.5% YoY to stand at Rs19.45bn on an account of a 14% jump in fee and commission income. In addition, foreign exchange income and share of profit from joint ventures surged by 69% YoY and 4.4 times YoY, respectively during 1HCY22.
On the expense side, the operating expense of the bank went up by 16.4% YoY to Rs36.5bn.
Notably, the decline in provisioning costs by 71% YoY to Rs2bn supported the financial health of the company.
|
Consolidated financial results for the half year ended June 30, 2022 ('000 Rupees) |
|||
|---|---|---|---|
|
|
Jun-22 |
Jun-21 |
% Change |
|
Mark-up/return/interest earned |
179,495,567 |
108,089,589 |
66.06% |
|
Mark-up/return/interest expensed |
126,310,596 |
60,606,162 |
108.41% |
|
Net mark-up/interest income |
53,184,971 |
47,483,427 |
12.01% |
|
NON-MARK-UP/INTEREST INCOME |
|
|
|
|
Fee and commission income |
10,857,375 |
9,536,612 |
13.85% |
|
Dividend income |
1,841,914 |
1,469,666 |
25.33% |
|
Foreign Exchange income |
4,690,759 |
2,775,020 |
69.04% |
|
Gain on securities - net |
1,055,371 |
4,156,340 |
-74.61% |
|
Share of profit from joint venture - net of tax |
246,663 |
56,209 |
338.83% |
|
Share of (loss)/profit from associates - net of tax |
(61,244) |
30,939 |
- |
|
Other income |
815,392 |
955,223 |
-14.64% |
|
Total non-mark-up/interest income |
19,446,230 |
18,980,009 |
2.46% |
|
Total Income |
72,631,201 |
66,463,436 |
9.28% |
|
NON-MARK-UP/INTEREST EXPENSES |
|
|
|
|
Operating expenses |
36,460,211 |
31,326,608 |
16.39% |
|
Other charges |
30,263 |
24,872 |
21.67% |
|
Total non-mark-up/interest expenses |
36,490,474 |
31,351,480 |
16.39% |
|
Profit before provisions |
36,140,727 |
35,111,956 |
2.93% |
|
Provisions and write offs - net |
2,024,778 |
6,937,884 |
-70.82% |
|
Profit before taxation |
34,115,949 |
28,174,072 |
21.09% |
|
Taxation |
21,873,821 |
11,126,699 |
96.59% |
|
Profit after taxation |
12,242,128 |
17,047,373 |
-28.19% |
|
Basic and diluted earnings per share |
5.74 |
7.98 |
-28.07% |
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