NBP’s Jan-Mar profit increases 23.2% to Rs4b

KARACHI: After-tax profit of National Bank of Pakistan (NBP) increased 23.2% year-on- year (YoY) to Rs4 billion for Jan-Mar, a stock filing said on Thursday. The result was below expectations, according to AKD Securities analyst Zoya Ahmed.

Despite a general reduction in the discount rate over the year, the bank’s net interest income for the quarter clocked up at Rs12 billion, up 14% from a year ago.

The provision charge against the non-performing loans remained under control in Jan-Mar, as it amounted to Rs1 billion as opposed to Rs3 billion from the same quarter of 2015. Non-interest income decreased 23% YoY to Rs6.5 billion in Jan-Mar mainly because of lower gains generated from the sale of securities during the period under review.

A bank statement said its deposits increased 12% from the preceding year to Rs1.2 trillion at the end of March.

Published in The Express Tribune, April 29^th,  2016.

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