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

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%

Copyright Mettis Link News

Posted on: 2020-05-21T15:48:00+05:00

34898