National Bank of Pakistan suffers nearly 11% decline in net earnings

By MG News | August 28, 2019 at 02:41 PM GMT+05:00

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August 28, 2019 (MLN): National Bank of Pakistan has stated its Profit after Tax for the half year ended June 3, 2019, at Rs. 11.3 billion (EPS: Rs. 5.34), i.e. nearly 10.7% lower than the earnings of same period last year.

Going by the report produced by the bank, the Net Interest Income, as well as the Non Interest Income witnessed an increase of 17% each. On the other hand, the total expenses grew by almost 10% on account of abrupt increase in non-core expenses.

Another notable factor in the report issued by the bank was income tax expense, which increased by 96% to Rs. 9.3 billion during the said period.

Profit and loss account for the half year ended June 30, 2019 (Rupees'000)
	June, 2019	June, 2018	% Change
Mark-up / return / interest earned	97,786,919	66,526,786	46.99%
Mark-up / return / interest expensed	62,115,159	36,259,724	71.31%
Net mark-up / return / interest income	35,671,760	30,267,062	17.86%
NON MARK-UP / INTEREST INCOME
Fee and commission income	10,565,043	9,819,275	7.59%
Dividend income	1,728,716	1,120,309	54.31%
Foreign exchange income	3,670,695	1,834,144	100.13%
Gain on securities - net	353,826	2,448,285	-85.55%
Share of loss from joint venture - net of tax	-39,191	-11147	251.58%
Share of (loss) / profit from associates - net of tax	-29,371	17,988
Other income	2,817,432	976,579	188.50%
Total non-mark-up / interest income	19,067,150	16,205,433	17.66%
Total income	54,738,910	46,472,495	17.79%
NON MARK-UP / INTEREST EXPENSES
Operating expenses	28,645,509	26,147,876	9.55%
Other charges	93,374	9,757	856.99%
Total non-markup / interest expenses	28,738,883	26,157,633	9.87%
Profit before provisions	26,000,027	20,314,862	27.99%
Provisions and write offs - net	5,259,684	2,798,471	87.95%
PROFIT BEFORE TAXATION	20,740,343	1,751,639	1084.05%
Taxation	9,361,392	4,773,228	96.12%
PROFIT AFTER TAXATION	11,378,951	12,743,162	-10.71%
Earnings per share - basic and diluted	5.34	5.95	-10.25%

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