NBP paid a tax of Rs10 billion in Jan-Sept, up almost 68% from the same nine months of the last year. PHOTO: FILE
National Bank of Pakistan (NBP) posted consolidated earnings of Rs12.3 billion for Jan-Sept, down 9.8% from the same period a year ago.
Released through the Karachi Stock Exchange (KSE) on Wednesday, the financial accounts of the government-owned lender show the year-on-year decrease in profitability is largely on the back of a higher effective tax rate.
NBP paid a tax of Rs10 billion in Jan-Sept, up almost 68% from the same nine months of the last year. The increase in the tax paid is because the effective tax rate in the current year has been 45% as opposed to 31% recorded in the last year. In the July-Sept quarter alone, NBP made earnings of Rs4.4 billion, up 0.5% from the same period of 2014. On a quarter-on-quarter basis, however, the rise in profitability clocked up at almost 12%.
Published in The Express Tribune, October 29th, 2015.
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