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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