National Bank’s profits inch lower by 3% YoY during 1QCY20

By MG News | May 21, 2020 at 03:48 PM GMT+05:00

0:00

May 21, 2020 (MLN): National Bank of Pakistan announced its financial results for the quarter ended March 31, 2020 on Thursday, as per which, the net profit for the period amounted to Rs. 4.13 billion (EPS: 1.94), i.e. almost 3 percent lower as compared to the same period of last year.

NBP reported a 7.28 percent increase in its net interest income, and 1.6 percent decline in its total non-interest income, which resulted in the total income increasing by 4 percent.

On the contrary, the operating expenses of the bank surged by 5.7 percent whereas non-core charges depicted a 31.5x growth, the result of which was a 7.7 percent increase in total expenses.

The biggest highlights of the financial performance of NBP was the twelvefold increase in the gain on securities, as well as 79.4 percent increase in the provisions and write-offs.

Consolidated financial results for the quarter ended March 31, 2020 ('000 Rupees)
	Mar-20	Mar-19	% Change
Mark-up/return/interest earned	72,605,121	45,834,763	58.41%
Mark-up/return/interest expensed	55,966,731	30,325,144	84.56%
Net mark-up/interest income	16,638,390	15,509,619	7.28%
NON-MARK-UP/INTEREST INCOME
Fee and commission income	4,885,764	4,398,051	11.09%
Dividend income	384,061	1,017,955	-62.27%
Foreign Exchange income	805,092	1,900,284	-57.63%
Gain on securities - net	1,328,510	101,907	1203.65%
Share of (loss)/profit from joint venture - net of tax	(8,860)	(16,015)
Share of(loss)/profit from associates - net of tax	(130,599)	25,423
Other income	1,300,858	1,282,017	1.47%
Total non-mark-up/interest income	8,564,826	8,709,622	-1.66%
Total Income	25,203,216	24,219,241	4.06%
NON-MARK-UP/INTEREST EXPENSES
Operating expenses	13,888,486	13,139,177	5.70%
Workers welfare fund	-	-
Other charges	279,828	8,598	3154.57%
Total non-mark-up/interest expenses	14,168,314	13,147,775	7.76%
Profit before provisions	11,034,902	11,071,466	-0.33%
Provisions and write offs - net	3,970,582	2,213,244	79.40%
Profit before taxation	7,064,320	8,858,222	-20.25%
Taxation	2,925,773	4,580,576	-36.13%
Profit after taxation	4,138,547	4,277,646	-3.25%
Basic and diluted earnings per share	1.94	2.00	-3.00%

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