NBP Relase Halfyearly financial results

 

National Bank of Pakistan recorded after tax profit of Rs 6.0 billion with Earnings per share of Rs. 2.83. Pre-tax return on equity stands at 15.1% with pre-tax return on assets being 1.2%. This was announce by NBP management after the Board of Directors meeting. 

The Board of Directors of National Bank of Pakistan (NBP) in their meeting held on August 22, 2013 at the Head Office, Karachi approved the Financial Statements of the Bank for the six months period ended June 30, 2013.

Total operating revenues increased by Rs. 1,443 million or 4.6% from corresponding period last year. Non-interest income increased by an impressive 24%. Pre provision profit of the bank stood at Rs.15, 844 million which is higher by 5.5% from last year reported number. 

 

This was achieved despite 3.0% reduction in SBP discount rate since June 2012. The impact was offset through increase in volume as well as improved mark-up recovery. Administrative expenses were kept under control which increased by only 4%.  Provision charge against advances increased by Rs. 4.0 billion mainly due to creation of general provision of Rs. 3.0 billion against the portfolio. Provision coverage is now 85% which improved from 74% as of June 30, 2012.

On balance sheet side deposits compared to June 2012, increased by Rs.200 billion or 21%, while compared to year end December 2012 deposits are higher by Rs. 108 billion. Advances compared to June 2012 increased by Rs. 67 billion, however from December 2012 advances are lower by Rs. 12.5 billion due to settlement of certain energy related loans.

The Bank recorded after tax profit of Rs 6.0 billion with Earnings per share of Rs. 2.83. Pre-tax return on equity stands at 15.1% with pre-tax return on assets being 1.2%.

JCR VIS credit rating agency maintained banks AAA/A1+ standalone rating In June 2013. This rating draws strength from the standalone financial profile of the bank, leading market share in deposits, adequate liquidity and capitalization levels. During the year the bank received accolades from “The Banker” magazine terming NBP as the top bank of Pakistan in its `Top 1000 World Banks' ranking for 2013. The bank also received “Retail Banking Awards 2013” and “Domestic Retail Bank of the Year – Pakistan” from “Asia Banking & Finance” magazine during the year.

With the adoption of new technology and best practices the bank shall improve its revenues through new streams and further control on costs. In a challenging and competitive environment we are confident that our employees through their commitment and hard work will maintain bank’s leadership position. We would like to express our appreciation to our stakeholders, regulators and our valued customers for their support and sustained level of trust in NBP.