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NBP reports 47% rise in half yearly profits

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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%

 

Posted on: 2018-08-30T13:18:00+05:00

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