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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