National Bank reports 16.2% fall in net earnings
MG News | May 22, 2019 at 02:08 PM GMT+05:00
May 22, 2019 (MLN): National Bank of Pakistan announced its financial results for the quarter ended March 31, 2019 on Wednesday, which shows that the bank has earned a Profit after Tax of Rs. 4.2 billion, i.e. around 16.2% lower as compared to Rs. 5.1 billion reported in same period of last year.
The Basic and Diluted earnings of the bank stood at Rs. 2 for the aforementioned period, as compared to Rs. 2.38 reported in corresponding period last year.
The fall in net earnings was a result of higher tax expenses, which transformed a positive change in PBT (+13.05%) into negative change in PAT (-16.26%).
The total income of the bank displayed a growth of 17.75%, whereas the total expenses jumped by 3.34%.
The bank did not recommended any Cash Dividend, Bonus issue / Right Shares or any other entitlement.
| Consolidated financial results for the quarter ended March 31, 2019 ('000 Rupees) | |||
|---|---|---|---|
| Mar-19 | Mar-18 | % Change | |
| Mark-up/return/interest earned | 45,834,763 | 31,452,921 | 45.72% |
| Mark-up/return/interest expensed | 30,220,126 | 17,263,619 | 75.05% |
| Net mark-up/interest income | 15,614,637 | 14,189,302 | 10.05% |
| NON MARK-UP/INTEREST INCOME | |||
| Fee and commission income | 4,398,051 | 4,345,152 | 1.22% |
| Dividend income | 1,017,955 | 317,261 | 220.86% |
| Foreign Exchange income | 1,900,284 | 351,046 | 441.32% |
| Gain on securities - net | 101,907 | 909,967 | -88.80% |
| Share of (loss)/profit from joint venture | (16,015) | 43,296 | |
| Share of(loss)/profit from associates | 25,423 | 53,075 | -52.10% |
| Other income | 1,282,017 | 448,642 | 185.76% |
| Total non-mark-up/interest income | 8,709,622 | 6,468,440 | 34.65% |
| Total Income | 24,324,259 | 20,657,742 | 17.75% |
| NON MARK-UP/INTEREST EXPENSES | |||
| Operating expenses | 13,244,195 | 12,822,536 | 3.29% |
| Workers welfare fund | - | - | |
| Other charges | 8,598 | 2,244 | 283.16% |
| Total non-mark-up/interest expenses | 13,252,793 | 12,824,780 | 3.34% |
| Profit before provisions | 11,071,466 | 7,832,962 | 41.34% |
| Provisions and write offs - net | 2,213,244 | (2,552) | |
| Profit before taxation | 8,858,222 | 7,835,514 | 13.05% |
| Taxation | 4,580,576 | 2,727,397 | 67.95% |
| Profit after taxation | 4,277,646 | 5,108,117 | -16.26% |
| Basic and diluted earnings per share | 2.00 | 2.38 | -15.97% |
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