National Bank of Pakistan reports meager growth in net profits for 9MCY19

MG News | October 29, 2019 at 05:23 PM GMT+05:00

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October 29, 2019 (MLN): National Bank of Pakistan has reported net earnings of Rs. 16.6 billion (EPS: Rs. 7.8) for the nine months ended September 30, 2019, i.e. up by merely 2.41% as compared to the results of same period in last year.

NBP’s major income heads, i.e. Net-mark-up income and non-mark-up income increased by 23.5% and 13.17% respectively. This resulted in a 19.9% growth in total income.

On the other hand, the total non-markup expenses surged by 8.77% due to rise in operating expenses as well as substantial increased in non-core expenses.

The increase in income tax expense by 83.2% prevented the bank from making significant progress in terms of net earnings.

Consolidated financial results for the nine months ended September 30, 2019 ('000 Rupees)
	Sep-19	Sep-18	% Change
Mark-up/return/interest earned	167,547,883	105,390,759	58.98%
Mark-up/return/interest expensed	113,509,111	61,657,349	84.10%
Net mark-up/interest income	54,038,772	43,733,410	23.56%
NON-MARK-UP/INTEREST INCOME
Fee and commission income	14,983,836	13,759,997	8.89%
Dividend income	2,400,920	1,939,788	23.77%
Foreign Exchange income	4,539,883	3,254,969	39.48%
Gain on securities - net	608,854	3,187,809	-80.90%
Share of (loss)/profit from joint venture - net of tax	(38,649)	(188,427)	-79.49%
Share of(loss)/profit from associates - net of tax	(51,000)	8,553
Other income	4,329,221	1,694,011	155.56%
Total non-mark-up/interest income	26,773,065	23,656,700	13.17%
Total Income	80,811,837	67,390,110	19.92%
NON-MARK-UP/INTEREST EXPENSES
Operating expenses	42,415,301	39,087,168	8.51%
Workers welfare fund	-	-
Other charges	124,557	24,276	413.09%
Total non-mark-up/interest expenses	42,539,858	39,111,444	8.77%
Profit before provisions	38,271,979	28,278,666	35.34%
Provisions and write offs - net	8,678,196	4,960,725	74.94%
Profit before taxation	29,593,783	23,317,941	26.91%
Taxation	12,956,129	7,071,837	83.21%
Profit after taxation	16,637,654	16,246,102	2.41%
Basic and diluted earnings per share	7.80	7.59	2.77%

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