NBP sees loss of Rs8.98bn in Q2CY24

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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