Result: NIB Bank losses decline significantly

KARACHI:

NIB Bank has reduced its pre-tax losses significantly, posting a total of Rs154 million for the half year ended June 30, 2012, as compared to Rs3.7 billion in the same period of the previous year.

At the same time, the bank’s total revenue increased by 43% to Rs2.4 billion, and net interest income and non-interest income increased by 51% and 34% respectively. Meanwhile, the bank’s administrative expenses increased by 9%. These results indicate improving performance at the operating level through growth in revenues and disciplined cost management.

Commenting on the results, NIB Bank President Badar Kazmi said: “These results indicate that the fundamentals of the business are showing a healthy trend.”

Published in The Express Tribune, August 28^th, 2012.