NBP registers 28% drop in profits in 1HCY22

By MG News | August 17, 2022 at 03:30 PM GMT+05:00
August 17, 2022 (MLN): National Bank of Pakistan (NBP) has observed a 28% YoY reduction in net profits to Rs12.24 billion (EPS: Rs5.74) during the first half of the calendar year ended June 30, 2022, mainly attributed to 97% increase in tax expenses.
NBP declared a profit before income tax at Rs34bn in 1HCY22 which is 21% higher than a pre-tax profit of Rs28bn in the same period of the last year.
The bank booked Rs22bn taxes during 1HCY22, showing a 97% YoY jump against Rs11bn taxes paid in SPLY, due to the imposition of super tax in large-scale industry.
Going by the financial results, despite the higher policy rate, the net interest income of the bank inched up by only 12% YoY to Rs53bn as soaring interest expenses by 2x YoY offset the impact of an increase in interest income earned by the bank during the said period.
While the non-interest income moved up by only 2.5% YoY to stand at Rs19.45bn on an account of a 14% jump in fee and commission income. In addition, foreign exchange income and share of profit from joint ventures surged by 69% YoY and 4.4 times YoY, respectively during 1HCY22.
On the expense side, the operating expense of the bank went up by 16.4% YoY to Rs36.5bn.
Notably, the decline in provisioning costs by 71% YoY to Rs2bn supported the financial health of the company.
Consolidated financial results for the half year ended June 30, 2022 ('000 Rupees) |
|||
---|---|---|---|
|
Jun-22 |
Jun-21 |
% Change |
Mark-up/return/interest earned |
179,495,567 |
108,089,589 |
66.06% |
Mark-up/return/interest expensed |
126,310,596 |
60,606,162 |
108.41% |
Net mark-up/interest income |
53,184,971 |
47,483,427 |
12.01% |
NON-MARK-UP/INTEREST INCOME |
|
|
|
Fee and commission income |
10,857,375 |
9,536,612 |
13.85% |
Dividend income |
1,841,914 |
1,469,666 |
25.33% |
Foreign Exchange income |
4,690,759 |
2,775,020 |
69.04% |
Gain on securities - net |
1,055,371 |
4,156,340 |
-74.61% |
Share of profit from joint venture - net of tax |
246,663 |
56,209 |
338.83% |
Share of (loss)/profit from associates - net of tax |
(61,244) |
30,939 |
- |
Other income |
815,392 |
955,223 |
-14.64% |
Total non-mark-up/interest income |
19,446,230 |
18,980,009 |
2.46% |
Total Income |
72,631,201 |
66,463,436 |
9.28% |
NON-MARK-UP/INTEREST EXPENSES |
|
|
|
Operating expenses |
36,460,211 |
31,326,608 |
16.39% |
Other charges |
30,263 |
24,872 |
21.67% |
Total non-mark-up/interest expenses |
36,490,474 |
31,351,480 |
16.39% |
Profit before provisions |
36,140,727 |
35,111,956 |
2.93% |
Provisions and write offs - net |
2,024,778 |
6,937,884 |
-70.82% |
Profit before taxation |
34,115,949 |
28,174,072 |
21.09% |
Taxation |
21,873,821 |
11,126,699 |
96.59% |
Profit after taxation |
12,242,128 |
17,047,373 |
-28.19% |
Basic and diluted earnings per share |
5.74 |
7.98 |
-28.07% |
Copyright Mettis Link News
Related News
Name | Price/Vol | %Chg/NChg |
---|---|---|
KSE100 | 132,753.33 83.83M |
-0.49% -649.86 |
ALLSHR | 83,051.37 466.71M |
-0.16% -136.69 |
KSE30 | 40,382.24 30.63M |
-0.66% -269.22 |
KMI30 | 190,979.34 34.89M |
-0.58% -1104.58 |
KMIALLSHR | 55,746.00 239.24M |
-0.18% -101.69 |
BKTi | 36,202.26 4.80M |
-0.61% -220.62 |
OGTi | 28,302.98 6.63M |
-0.47% -134.63 |
Symbol | Bid/Ask | High/Low |
---|
Name | Last | High/Low | Chg/%Chg |
---|---|---|---|
BITCOIN FUTURES | 109,065.00 | 109,545.00 108,625.00 |
-150.00 -0.14% |
BRENT CRUDE | 70.01 | 70.09 69.85 |
-0.14 -0.20% |
RICHARDS BAY COAL MONTHLY | 97.50 | 0.00 0.00 |
2.05 2.15% |
ROTTERDAM COAL MONTHLY | 106.65 | 106.65 106.25 |
0.50 0.47% |
USD RBD PALM OLEIN | 998.50 | 998.50 998.50 |
0.00 0.00% |
CRUDE OIL - WTI | 68.20 | 68.27 67.78 |
-0.13 -0.19% |
SUGAR #11 WORLD | 16.15 | 16.37 16.10 |
-0.13 -0.80% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Pakistan Stock Movers
Name | Last | Chg/%Chg |
---|
Name | Last | Chg/%Chg |
---|