Home »Pakistan » Banking & Finance » Growth maintained, Q-1 pre-tax profit up by 7.8pc

nbpKARACHI: Meeting of the Board of Directors (BoD) of National Bank of Pakistan (NBP) was held on Friday at Bank's Head Office in which the BoD approved the financial statements of the bank for three months period ended March 31, 2017.

The bank recorded a pre-tax profit of Rs. 6.7 billion i.e. 7.8pc up against Rs. 6.2 billion for the corresponding three months period of 2016.

After-tax profit for the period was Rs. 4.2 billion i.e. 4.1pc higher than Rs. 4.0 billion for the corresponding three months period of 2016. This translates into earnings per share of Rs.1.98 as against Rs.1.90 for the corresponding quarter of 2016.

Bank's net interest / mark-up income increased by 2.2pc to Rs. 12.3 billion against Rs. 12.0 billion for Q1 of 2016. This was achieved through maintaining an efficient asset-mix of high-yield loans and investments. Similarly, growth was also achieved in non-mark-up / interest income for the period which increased by 13.1pc YoY to Rs. 7.4 billion, said a statement of NBP.

While the balance sheet footing dropped by 2pc compared to year end 2016, the bank recorded a healthy year on year (YoY) growth in both deposits and advances.

As of March 2017 bank's deposits amounted to Rs. 1,588 billion being 25pc up against that of March 2016; whereas the net advances also increased to Rs. 648 billion i.e. 17pc up YoY.

Copyright APP (Associated Press of Pakistan), 2017

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