NBP earning reaches Rs30.58 billion with 84pc yearly growth

KARACHI: The earning of National Bank of Pakistan (NBP) witnessed a growth of 84 percent to reach Rs30.58 billion for the year ended December 31, 2020.
The NBP announced its financial results for the year on Wednesday. Against a 28.95 percent growth in total income, the bank saw a 4.36 percent decline in total expenses, which further helped in boosting the earnings. The earning per share (EPS) was recorded at Rs14.33.
The interest income increased by 7.64 percent with decline in interest expense by 8.3percent. Thus, the net interest income of NBP grew by 44.66 percent. However, the non-interest income didn’t show the same momentum as it fell by 1.06 percent on account of lower fee income, dividend income, forex income as well as non-core income. It is worth mentioning that NBP saw a 265 percent growth in securities.
However, some setbacks were faced in the form of a 128 percent increase in provisioning costs, as well as a 28.12 percent rise in income tax expense. – TLTP