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

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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