NBP announces Rs3.1bn profit in first quarter

KARACHI: Board of Directors of National Bank of Pakistan in their meeting at the Bank’s Head Office Karachi approved the financial statements of the Bank for three-month period ended March 31, 2014.

The bank in Q1 of 2014 recorded after tax profit at Rs3.1 billion which is a marked improvement compared to Q4 of 2013 in which it recorded an after tax loss of Rs 743 million. Pre-tax profit of the bank is Rs 4.4 billion in the quarter under review which is higher by 2.2% from the corresponding period last year. Earnings per share for March 2014 is Rs 1.48 as against Rs 1.42 of last year, an increase of 3.7%.

Non interest/markup income increased by Rs 474 million or 8.5 % compared to the corresponding period last year. Fees/commission income is showing marginal increase due to downward revision in the agency commission. Exchange income remained robust with growth of 12% as the bank took advantage of the opportunities available in the currency market.

Deposits compared to March 2013, increased by Rs 91.9 billion or 10.0%, while total assets increased by 9.3% from comparative period last year. The bank is strongly capitalized with capital and reserves of Rs. 159.1 billion, which translates into break- up value per share of Rs.74.8/- per share.

The bank is focusing on consolidation and recoveries to bring down the non-performing loans. Our liability team is striving to procure low cost deposit, increase in average deposit per account. Other focus areas are technology up gradation with CBA implementation, expansion of ATM network and mobile banking.

The post NBP announces Rs3.1bn profit in first quarter appeared first on Pakistan Press International.

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