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NBP manages to convert falling pre-tax profits to improved bottom-line gains

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 October 23, 2018 (MLN): National Bank of Pakistan (NBP) has successfully converted a decline in its consolidated pre-tax profits, into growth in overall profits by virtue of tax benefits.

As per the company’s overall profits during the nine month period ended September 30th 2018, the establishment’s net mark-up/interest income after provisions recorded a slight increase while total non-mark-up/interest income dropped by smaller magnitude.

Meanwhile, total non-mark-up/interest expenses grew by a much larger margin, resulting in pre-tax profits to drop marginally.

Fortunately, since taxation reduced by Rs.1.6 billion or 18.7% during the quarter, overall profits reduced by 9.5% as they came down from Rs.14.8 billion to Rs.16.2 billion

National Bank’s basic and diluted earnings per share have been recorded at Rs.7.59 per share during the period.

Consolidated financial results for the nine month period ended September 30th 2018 ('000 Rupees)

 

Sep-18

Sep-17

% Change

Mark-up/return/interest earned

              105,390,759

               88,128,234

19.59%

Mark-up/return/interest expensed

                61,657,349

               49,492,373

24.58%

Net mark-up/interest income

                43,733,410

               38,635,860

13.19%

Provision against non-performing advances – net

                   3,997,372

                  2,480,060

61.18%

Provision/(reversal of provision) for diminution in the value of investments – net

                      421,574

               (2,799,769)

 

Provision against off balance sheet obligations

                                  –  

                                 –  

 

Bad debts written off directly

                                  –  

                                 –  

 

Net mark-up/interest income after provisions

                39,314,464

               38,955,569

0.92%

NON MARK-UP/INTEREST INCOME

 

 

 

Fee, commission and brokerage income

                13,759,997

               12,843,094

7.14%

Dividend income

                   1,939,788

                  2,336,739

-16.99%

Income from dealing in foreign currencies

                   3,254,969

                  1,540,701

111.27%

Gain on sale and redemption of securities – net

                   3,197,976

                  6,195,580

-48.38%

Unrealized loss on revaluation of investments classified as held-for-trading

                      (10,167)

                        14,789

-168.75%

Share of (loss)/profit from joint venture

                    (188,427)

                        67,305

 

Share of(loss)/profit from associates

                           8,553

                   (499,867)

 

Other income

                   1,694,011

                  1,264,414

33.98%

Total non-mark-up/interest income

                23,656,699

               23,762,754

-0.45%

NON MARK-UP/INTEREST EXPENSES

 

 

 

Administrative expenses

                39,087,168

               37,443,677

4.39%

Other provisions/write offs

                      541,779

                  1,587,040

-65.86%

Other charges

                         24,276

                     155,312

-84.37%

Total non-mark-up/interest expenses

                39,653,223

               39,186,029

1.19%

Extraordinary items

                                  –  

                                 –  

 

Profit before taxation

                23,317,940

               23,532,295

-0.91%

Taxation

                   7,071,837

                  8,700,515

-18.72%

Profit after taxation

                16,246,102

               14,831,780

9.54%

Basic and diluted earnings per share

                             7.59

                            6.91

9.84%

 

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Posted on: 2018-10-23T13:43:00+05:00

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