National Bank reports 16.2% fall in net earnings

MG News | May 22, 2019 at 02:08 PM GMT+05:00

0:00

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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