August 29, 2024 (MLN): National Bank of Pakistan (PSX: NBP)’s financial disclosure for the quarter that ended on June 30, 2024, revealed that the bank recorded a loss of Rs8.98 [LPS: Rs4.28], compared to the profit of Rs15.84bn [EPS: Rs7.42] in the same period last year (SPLY).
Going by the income statement, the bank witnessed an increase of 5.37% YoY in its net interest income (NII) to stand at Rs42.93bn in Q2CY24.
Similarly, the bank’s total non-markup income improved by 6.22% YoY to Rs13.11bn, owing to a rise in gain of securities and share of profit from associates that was recorded at Rs1.41bn and 80.85 million during the review period.
Under the same head, the Fee and commission side recorded an inflow of Rs7.3bn, up by 13% YOY while dividend income surged by 11.81% YoY to Rs1.36bn.
NBP’s foreign exchange income went down by 23% YoY to Rs2.41bn during the review period.
On the expense side, the NBP’s total non-markup expenses increased by 18.9% YoY to Rs27.7bn in Q2CY24 compared to Rs23.3bn in SPLY.
The increase was attributed to the jump of 19.78% YoY recorded in the operating expenses from Rs27.69bn in the review period compared to Rs23.12bn in SPLY.
During the period, the bank paid Rs9.92bn in terms of taxation.
| Consolidated financial results for the quarter ended June 30, 2024 (‘000 Rupees) | |||
|---|---|---|---|
| Jun-24 | Jun-23 | % Change | |
| Mark-up/return/interest earned | 287,736,614 | 240,047,422 | 19.87% |
| Mark-up/return/interest expensed | 244,801,086 | 199,299,487 | 22.83% |
| Net mark-up/interest income | 42,935,528 | 40,747,935 | 5.37% |
| NON MARK-UP/INTEREST INCOME | |||
| Fee and commission income | 7,305,796 | 6,462,749 | 13.04% |
| Dividend income | 1,362,581 | 1,218,639 | 11.81% |
| Foreign Exchange income | 2,413,224 | 3,135,694 | -23.04% |
| Gain on securities – net | 1,419,445 | 563,881 | 151.73% |
| Share of (loss)/profit from joint venture – net of tax | 446,632 | 336,907 | 32.57% |
| Share of(loss)/profit from associates – net of tax | 80,856 | 27,173 | 197.56% |
| Other income | 86909 | 602140 | -85.57% |
| Total non-mark-up/interest income | 13,115,443 | 12,347,183 | 6.22% |
| Total Income | 56,050,971 | 53,095,118 | 5.57% |
| NON MARK-UP/INTEREST EXPENSES | |||
| Operating expenses | 27,694,907 | 23,120,927 | 19.78% |
| Other charges | 10,749 | 181,214 | -94.07% |
| Total non mark-up/interest expenses | 27,705,656 | 23,302,141 | 18.90% |
| Profit / (Loss) before credit loss allowance | 28,345,315 | 29,792,977 | -4.85% |
| Credit loss allowance and write-offs – net | -1,757,339 | -328,855 | 434% |
| Extraordinary/unusual items | 49,014,365 | – | – |
| Profit before taxation | (18,911,711) | 30,121,832 | – |
| Taxation | -9,926,562 | 14,275,214 | – |
| Profit after taxation | -8,985,149 | 15,846,618 | – |
| Basic and diluted earnings per share | -4.28 | 7.42 | – |
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