ISLAMABAD: The meeting of the Board of Directors (BoD) of National Bank of Pakistan (bank) was informed on Thursday that Bank's after-tax profit for the nine-month period increased by 11% to Rs. 13.4 billion compared to Rs. 12.1 billion for the corresponding nine months of 2015.
Syed Ibne Hassan Vice President/ Spokesman-National Bank of Pakistan (NBP) Corporate Communication and Brand Management Division in a statement issued today said that Meeting of the Board of Directors (BoD) of National Bank of Pakistan (bank) was held on October 27, 2016 at Bank's Head Office in Karachi.
He said that during the meeting the BoD approved the financial statements of the bank for the nine months period ended September 30, 2016.
He added that Bank's after-tax profit for the nine months period increased by 11 percent to Rs. 13.4billion compared to Rs. 12.1 billion for the corresponding nine months of 2015. This translates into earnings per share of Rs.6.3 i.e. 11% up against Rs. 5.7 for the comparative period last year.
Pre-tax and after-tax return on equity were 26.4%, and 15.5% (September2015: 26.2% &14.5%) respectively; whereas the pre-tax and after tax return on assets are 1.7% and 1.0% respectively, he remarked.
He said that despite a continued reduction in the discount rate during recent quarters, bank's net interest income increased by 4.3% YoY to Rs. 39.3 billion against Rs.37.6 billion for nine months of 2015.Specific provision charge for the period was Rs. 1.9 billion, 76% lower than Rs. 8.2 billion for the corresponding nine month period of 2015.
This depicts an improvement in the assets quality of the bank. During the period, the bank earned a fee/commission income of Rs. 9.96 billion being 20.4% up against Rs. 8.3 billion for the comparative nine months period of 2015.
During this period, a healthy balance sheet growth has also been
recorded YoY. Compared to Rs. 1,541 billion as of September 30, 2015, the balance sheet has increased by 19% to Rs. 1,829 billion. Gross advances of the bank have increased by 7% to Rs. 737 billion compared to Rs. 692 billion as of December 2015.
Growth was also achieved in the deposits which have increased by 19% to Rs. 1,417 billion compared to Rs. 1,191 billion at the end of September 2015.Aitemaad Islamic Banking operations of the bank achieved commendable growth during the year as the same has increased to 118 branches from 79 in December 2015 with 80% YoY growth in deposits to Rs. 19.2 billion, he remarked.
With "AAA" credit rating, the Bank is a driving force in retail banking, given its large distribution network.
Product and service initiatives have also been introduced by the bank to boost SME business, and to adopt alternative delivery channels to broaden customer reach. Bank's ATM network that consisted of 374 machines in December 2014 has now increased to 1,188 machines; and is being further expanded.
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