National Bank Pakistan’s half yearly profits registered a growth of 47.4%, as the profits rose from Rs.8.6 billion during the half year ended June 30th 2017 to Rs.12.7 billion during the half year ended on June 30th 2018.
In a Board of Directors meeting held on August 30, 2018, the above said financial results were reviewed and finalized, before issuance to PSX.
As per the report released, National Bank’s net mark-up/interest income after provisions observed 11.75% increase, YoY.
Moreover, fee, commission and brokerage income reported a rise of 15.4% while Income from dealing in foreign currencies rose from Rs.1.4 billion to Rs.1.8 billion.
Therefore, despite 39% drop in net gain from sale and redemption of securities, National Bank’s total non-mark-up/interest income increased by 0.92%.
Moreover, total non-mark-up/interest expenses reduced by 2.24% whereas tax provisions were reduced by 8% leading to 47.4% increase in overall profits for the period.
National Bank’s earnings per share have increased by 48.75%, from Rs.4 per share to Rs.5.95 per share on year-on-year basis.
Financial Results for the Half Year ended June 30th 2018 ('000 Rupees) |
|||
---|---|---|---|
|
Jun-18 |
Jun-17 |
% Change |
Mark-up/return/interest earned |
66,526,786 |
56,783,707 |
17.16% |
Mark-up/return/interest expensed |
36,259,724 |
30,468,850 |
19.01% |
Net mark-up/interest income |
30,267,062 |
26,314,857 |
15.02% |
Provision against non-performing advances – net |
2,165,869 |
2,165,235 |
0.03% |
Reversal of provision for diminution in the value of investments – net |
294,281 |
(732,889) |
|
Provision against off balance sheet obligations |
– |
– |
|
Bad debts written off directly |
– |
– |
|
Net mark-up/interest income after provisions |
27,806,911 |
24,882,511 |
11.75% |
NON MARK-UP/INTEREST INCOME |
|
|
|
Fee, commission and brokerage income |
9,819,275 |
8,507,571 |
15.42% |
Dividend income |
1,120,309 |
1,717,504 |
-34.77% |
Income from dealing in foreign currencies |
1,834,144 |
1,368,640 |
34.01% |
Gain on sale and redemption of securities – net |
2,517,405 |
4,152,211 |
-39.37% |
Unrealized loss on revaluation of investments classified as held-for-trading |
(69,120) |
(34,560) |
100.00% |
Share of (loss)/profit from joint venture |
(11,147) |
28,764 |
|
Share of(loss)/profit from associates |
17,988 |
(464,665) |
|
Other income |
976,579 |
781,819 |
24.91% |
Total non-mark-up/interest income |
16,205,433 |
16,057,284 |
0.92% |
NON MARK-UP/INTEREST EXPENSES |
|
|
|
Administrative expenses |
26,147,876 |
25,536,630 |
2.39% |
Other provisions/write offs |
338,321 |
1,542,131 |
-78.06% |
Other charges |
9,757 |
23,123 |
-57.80% |
Total non-mark-up/interest expenses |
26,495,954 |
27,101,884 |
-2.24% |
Extraordinary items |
– |
– |
|
Profit before taxation |
17,516,390 |
13,837,910 |
26.58% |
Taxation |
4,773,228 |
5,192,640 |
-8.08% |
Profit after taxation |
12,743,162 |
8,645,270 |
47.40% |
Basic and diluted earnings per share |
5.95 |
4.00 |
48.75% |
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