National Bank of Pakistan suffers a 17% decline in profits

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By MG News | February 28, 2020 at 03:08 PM GMT+05:00

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February 28, 2020 (MLN): National Bank of Pakistan has earned profits of Rs. 16.6 billion (EPS: Rs. 7.79) for the year ended December 31, 2019, showing a decline of 17% as compared to the figures of last year.

The bank Net Interest Income grew by 18.5%, whereas Non-Interest Income remained almost static during the abovementioned period. This resulted in a 11.5% increase in total income.

On the contrary, the total expenses of the company increased by 17.2% on the back of higher operating costs.

Another notable change in the bank’s performance was the 25% increase in income tax expense, as well as 21% surge in provisions and write-offs.

Consolidated financial results for the year ended December 31, 2019 ('000 Rupees)

 

Dec-19

Dec-18

% Change

Mark-up/return/interest earned

239,710,290

150,178,178

59.62%

Mark-up/return/interest expensed

167,556,408

89,286,854

87.66%

Net mark-up/interest income

72,153,882

60,891,324

18.50%

NON-MARK-UP/INTEREST INCOME

     

Fee and commission income

20,416,642

19,123,980

6.76%

Dividend income

3,099,277

2,503,711

23.79%

Foreign Exchange income

6,320,455

9,799,855

-35.50%

Gain on securities - net

2,165,524

3,940,977

-45.05%

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

(96,336)

(334,149)

 

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

37,331

(35,359)

-205.58%

Other income

5,816,974

2,675,429

117.42%

Total non-mark-up/interest income

37,759,867

37,674,444

0.23%

Total Income

109,913,749

98,565,768

11.51%

NON-MARK-UP/INTEREST EXPENSES

     

Operating expenses

67,228,062

57,234,494

17.46%

Workers welfare fund

-

-

 

Other charges

150,585

245,997

-38.79%

Total non-mark-up/interest expenses

67,378,647

57,480,491

17.22%

Profit before provisions

42,535,102

41,085,277

3.53%

Provisions and write offs - net

13,557,101

11,205,488

21%

Profit before taxation

28,978,001

29,879,789

-3.02%

Taxation

12,330,809

9,844,489

25.26%

Profit after taxation

16,647,192

20,035,300

-16.91%

Basic and diluted earnings per share

7.79

9.39

-17.04%

 

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