NBP sees loss of Rs8.98bn in Q2CY24

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MG News | August 29, 2024 at 12:26 PM GMT+05:00

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August 29, 2024 (MLN): National Bank of Pakistan (PSX: NBP)’s financial disclosure for the quarter that ended on June 30, 2024, revealed that the bank recorded a loss of Rs8.98 [LPS: Rs4.28], compared to the profit of Rs15.84bn [EPS: Rs7.42] in the same period last year (SPLY).

Going by the income statement, the bank witnessed an increase of 5.37% YoY in its net interest income (NII) to stand at Rs42.93bn in Q2CY24.

Similarly, the bank’s total non-markup income improved by 6.22% YoY to Rs13.11bn, owing to a rise in gain of securities and share of profit from associates that was recorded at Rs1.41bn and 80.85 million during the review period.

Under the same head, the Fee and commission side recorded an inflow of Rs7.3bn, up by 13% YOY while dividend income surged by 11.81% YoY to Rs1.36bn.

NBP’s foreign exchange income went down by 23% YoY to Rs2.41bn during the review period.

On the expense side, the NBP’s total non-markup expenses increased by 18.9% YoY to Rs27.7bn in Q2CY24 compared to Rs23.3bn in SPLY.

The increase was attributed to the jump of 19.78% YoY recorded in the operating expenses from Rs27.69bn in the review period compared to Rs23.12bn in SPLY.

During the period, the bank paid Rs9.92bn in terms of taxation.

Consolidated financial results for the quarter ended June 30, 2024 ('000 Rupees)

 

Jun-24

Jun-23

% Change

Mark-up/return/interest earned

287,736,614

240,047,422

19.87%

Mark-up/return/interest expensed

244,801,086

199,299,487

22.83%

Net mark-up/interest income

42,935,528

40,747,935

5.37%

NON MARK-UP/INTEREST INCOME

     

Fee and commission income

7,305,796

6,462,749

13.04%

Dividend income

1,362,581

1,218,639

11.81%

Foreign Exchange income

2,413,224

3,135,694

-23.04%

Gain on securities – net

1,419,445

563,881

151.73%

Share of (loss)/profit from joint venture – net of tax

446,632

336,907

32.57%

Share of(loss)/profit from associates – net of tax

80,856

27,173

197.56%

Other income

86909

602140

-85.57%

Total non-mark-up/interest income

13,115,443

12,347,183

6.22%

Total Income

56,050,971

53,095,118

5.57%

NON MARK-UP/INTEREST EXPENSES

     

Operating expenses

27,694,907

23,120,927

19.78%

Other charges

10,749

181,214

-94.07%

Total non mark-up/interest expenses

27,705,656

23,302,141

18.90%

Profit / (Loss) before credit loss allowance 28,345,315 29,792,977 -4.85%
Credit loss allowance and write-offs - net -1,757,339 -328,855

434%

Extraordinary/unusual items 49,014,365

-

-

Profit before taxation

(18,911,711) 30,121,832

-

Taxation

-9,926,562

14,275,214

-

Profit after taxation

-8,985,149

15,846,618

-

Basic and diluted earnings per share

-4.28

7.42

-

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