KARACHI: National Bank of Pakistan (NBP) has posted a higher consolidated profit after tax of Rs 8.132 billion during the half year ending June 30, 2011.
According to financial results of the bank approved by the board of directors here Thursday, the pre-tax profit surged to Rs 11.712 billion compared to Rs 11.709 billion in the same period last year.
The earning per share also improved to Rs 4.84 during the period under review as against Rs 4.68 in the corresponding period in 2010.
Pre tax return on equity stands at 22.6 percent whereas pre tax return on assets is at 2.2 percent. Bank's net interest income increased by Rs 1.947 billion or 9.4 percent from corresponding period last year.
Non interest mark-up income increased by Rs 1.531 billion or 18.4 percent compared to corresponding period last year as a result of higher fee income and compensation on tax refunds.
Administrative expenses increased by 12 percent which is in line with inflation and salary increases.
Bank's deposits have increased by Rs 14 billion compared to June 2010.
Advances increased by Rs 26 billion compared to year end December 2010 mainly in corporate and agriculture sector. The bank is on track for its infrastructure up gradation project for online branches.
NBP will continue to focus on increasing low cost deposits, recoveries, improvement in the quality of assets, technology upgradation and expense management.-APP
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