National Bank of Pakistan profit plunges 75%

MG News | October 30, 2024 at 10:07 AM GMT+05:00

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October 30, 2024 (MLN): The National Bank of Pakistan (PSX: NBP) reported a significant decline in its financial performance for the third quarter, with net profit dropping by over 75% to Rs3.09 billion [EPS: Rs1.39], compared to Rs12.38bn [EPS: Rs5.78] in the same period last year (SPLY).

The primary reason for the decline in the National Bank's profit was a substantial 29.44% drop in net interest income.

Conversely, the bank’s total non-markup income improved by 94.75% YoY to Rs13.18bn, owing to a rise in securities gains and fee and commission income.

Nonetheless, total income decreased by 13.97%, driven by a nearly Rs14 billion drop in interest income.

On the expense side, the NBP’s total non-markup expenses increased by 34.94% to Rs29.36bn in Q3 CY24.

NBP's provision expense decreased by 68.48%, falling to Rs2.91 billion from Rs9.24 billion recorded in Q3 CY23.

During the period, the bank paid Rs11.38bn in terms of taxation.

Consolidated financial results for the quarter ended September 30, 2024 ('000 Rupees)
	Sep-24	Sep-23	% Change
Mark-up/return/interest earned	271,194,298	296,473,613	-8.53%
Mark-up/return/interest expensed	237,638,740	248,919,353	-4.53%
Net mark-up/interest income	33,555,558	47,554,260	-29.44%
NON MARK-UP/INTEREST INCOME
Fee and commission income	5,991,917	4,990,748	20.06%
Dividend income	1,088,800	1,041,994	4.49%
Foreign Exchange income	1,219,014	-1,695,417	-171.90%
Gain on securities - net	4,670,055	1,506,798	209.93%
Share of (loss)/profit from joint venture - net of tax	-	306,638	-
Share of(loss)/profit from associates - net of tax	25,649	60,507	-57.61%
Other income	183,506	555,776	-66.98%
Total non mark-up/interest income	13,178,941	6,767,044	94.75%
Total Income	46,734,499	54,321,304	-13.97%
NON MARK-UP/INTEREST EXPENSES
Operating expenses	29,335,404	21,744,613	34.91%
Other charges	19,749	9,051	118.20%
Total non mark-up/interest expenses	29,355,153	21,753,664	34.94%
Profit before provisions	17,379,346	32,567,640	-46.64%
Credit loss allowance and write offs - ne	(2,912,099)	(9,237,614)	-68.48%
Extra ordinary / unusual items	-
Profit before taxation	14,467,247	23,330,026	-37.99%
Taxation	(11,375,897)	(10,950,997)	3.88%
Profit after taxation	3,091,350	12,379,029	-75.03%
Basic and diluted earnings per share	1.39	5.78	-

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