NBP's profit surges by 2.22x YoY to Rs27.14bn in 1HCY23

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By MG News | August 30, 2023 at 10:39 AM GMT+05:00

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August 30, 2023 (MLN): The National Bank of Pakistan (PSX: NBP) has disclosed its financials for the first half of 2023, as per which it posted a profit of Rs27.14 billion  [EPS: Rs12.71], depicting a significant 2.22x YoY surge compared to last year's Rs12.24bn profit [EPS: Rs5.74], NBP's latest filing on the local bourse revealed.

Going by the income statement, the bank witnessed an increase of 37.96% in its net interest income (NII) to stand at Rs73.37bn, compared to Rs53.18bn in SPLY. The surge in NII is due to a jump in interest-earning (Rs432.55bn), up by 2.41x YoY.

During the period under review, the bank’s Non-Markup Income (NMI) also rose by 7.62% YoY to Rs20.93bn, owing to a significant rise in fee and commission income, and dividend income to clock in at Rs11.42bn, and Rs2.24bn, depicting a gain of 5.17%, and 21.58% respectively.

In addition, the bank’s provision expense fell to Rs405.33m during the review period compared to Rs2.02bn in the corresponding period last year.

The total non-interest expenses increased by 22.93% to Rs44.86bn in 1HCY23 compared to Rs36.49bn in 1HCY22.

The increase was attributed to the jump of 22.49% YoY in operating expenses from Rs36.46bn in 1HCY22 to Rs44.66bn in 1HCY23,

The bank paid Rs21.90bn on the tax front, 2.22x higher than the amount paid in 1HCY22.

Consolidated financial results for the half year ended June 30, 2023 ('000 Rupees)
  Jun-23 Jun-22 % Change
Mark-up/return/interest earned         432,546,000        179,495,567 140.98%
Mark-up/return/interest expensed         359,173,467        126,310,596 184.36%
Net mark-up/interest income          73,372,533         53,184,971 37.96%
NON MARK-UP/INTEREST INCOME      
Fee and commission income           11,418,695         10,857,375 5.17%
Dividend income           2,239,336          1,841,914 21.58%
Foreign Exchange income           4,487,811          4,690,759 -4.33%
Gain on securities - net             933,180          1,055,371 -11.58%
Share of (loss)/profit from joint venture - net of tax             623,395            246,663  
Share of(loss)/profit from associates - net of tax              17,786            (61,244) -129.04%
Other income           1,207,537            815,392 48.09%
NON-MARK-UP/INTEREST INCOME          20,927,740         19,446,230 7.62%
Total Income          94,300,273         72,631,201 29.83%
NON MARK-UP/INTEREST EXPENSES      
Operating expenses          44,661,140         36,460,211 22.49%
Workers welfare fund                  -                   -   
Other charges              196,913             30,263 550.67%
Total non mark-up/interest expenses          44,858,053         36,490,474 22.93%
Profit before provisions          49,442,220         36,140,727 36.80%
Provisions and write-offs - net             405,331          2,024,778 -79.98%
Profit before taxation          49,036,889         34,115,949 43.74%
Taxation          21,896,959         21,873,821 0.11%
Profit after taxation           27,139,930         12,242,128 121.69%
Basic and diluted earnings per share               12.71               5.74 -

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