KARACHI: National Bank of Pakistan (NBP) earns pre-tax profit of Rs 18 billion during nine months period ending Sept. 30, 2014; 143% higher than last year corresponding period's Rs 7.4 billion.
NBP's Board of Directors, in their meeting here on Wednesday, approved the financial statements of the bank for the last nine months, said NBP release.
The bank recorded after tax profit of Rs 12.1 billion during the period, an increase of 107% from last year.
Earnings per share for nine month period ending Sept. 30, 2014 stood at Rs 5.67 as against Rs 2.74 (restated) of last year. The bank in third quarter 2014 recorded after tax profit of Rs 3.9 billion which is again a complete turnaround as compared to comparative quarter last year, when the quarterly profit was only 97 million.
Non-interest/markup income increased by Rs 3.9 billion or 22 % compared to the corresponding period last year. Fees / commission income is showing increase of 6% despite downward revision in agency commission as lower rate was offset through higher volumes.
The bank capitalized on record high stock exchange index and recorded capital gains of Rs 6.0 billion which compared to corresponding period of last year are higher by Rs 2.7 billion or 83%.
The provision charge against advances has reduced by Rs 8.8 billion or 73% mainly on account of better recoveries.
Deposits compared to September 2013, increased by Rs.76 billion. Compared to year ending Dec. 2013 advances are marginally lower by 1.4% due to seasonal adjustments.
The bank is strongly capitalized with capital and reserves of Rs 166 billion.
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