KARACHI: Meeting of the Board of Directors (BoD) of National Bank of Pakistan (Bank) was held on May 22, 2019 at Bank’s Head Office in Karachi in which the BoD approved the financial statements of the Bank for the quarter ended March 31, 2019, says a Press release.
The Bank earned mark-up/interest income amounting to PKR 45.8 billion which is 45.9% higher than PKR 31.4 billion earned during the corresponding period last year. This growth is attributed to the increase in discount rate, as well as a volumetric growth in both investment and advances, YoY. Also, the Bank’s non-mark-up/interest income increased by 40.2% YoY and amounted to PKR 8.3 billion.
The Bank’s unconsolidated pre-provision profit amounted to PKR 10.98 billion which is 45.2% higher than PKR 7.6 billion for the corresponding period last year. Pre-tax profit of the Bank amounted to PKR 8.7 billion as against PKR 7.6 billion for the corresponding quarter of 2018, registering an increase of 15.3%. After-tax profit for the period under review amounted to PKR 4.2 billion being 14.5% lower than PKR 4.9 billion earned during the corresponding period of 2018 due to imposition of super tax vide the Finance Supplementary (Second Amendment) Act 2019 for the tax year 2018 (financial year ended December 31, 2017). Earnings per share amounted to PKR 1.97 as against PKR 2.30 for the corresponding quarter ended March 31, 2018.
Total assets of the Bank as at March 31, 2019 stood at PKR 2,401.8 billion compared to PKR 2,798.6 billion as at December 31, 2018, registering a decline of 14.2%. Gross advances of the Bank amounted to PKR 1,046.1 billion which is slightly lower than PKR 1,059.5 billion as at December 31, 2018. However, YoY, total advances stand increased by PKR 176.6 billion or 20.3% as compared to PKR 869.5 billion as of March 31, 2018.
Total deposits of the Bank as of March 31, 2019 amounted to PKR 1,778.7 billion, lower by PKR 232.7 billion (11.6%) as against PKR 2,011.4 billion as of December 31, 2018. The drop was observed due to withdrawal of deposits by certain financial institutions. Customer deposits that form the core of Bank’s funding pool however remained stable.
Moving into its 70th year of untiring service to the Nation, the Bank remains committed to delivering exceptional results to its shareholders in years to come. Its business strategy is underpinned by a renewed focus on customer service supported by significant upgrade of its technology infrastructure which is a key enabler.