Owing to higher core revenues, pre-tax profit of National Bank of Pakistan (NBP) increased by seven percent from Rs 24.4 billion to Rs 26 billion however, after tax profit remained at last year level of Rs 17.6 billion due to prior year's tax reversal of Rs 939 million in 2010. The net interest income increased by 8.3 percent from last year, while non-interest mark up income was up by 9.7 percent on account of higher dividend and exchange income.
This was disclosed at 63rd annual general meeting of NBP held at local hotel on Friday on March 30, and was well attended by the shareholders and the senior executives of the bank. The NBP President highlighted the bank's performance during the year, key challenges and the initiatives taken by the management.
The President spoke of improvement in bank's deposit, advances and asset base and also highlighted that the bank continued to focus on increasing its CASA deposits, reduction of non performing loans and expense management. Financial Controller Aamir Sattar highlighted the financial performance of the bank.
President Qamar Hussain also highlighted the future initiatives that the bank was taking in terms of technology up-gradation, online connectivity and the progress for implementation of core banking application. The shareholders approved dividend payout of 75 percent cash dividend (Rs 7.5 per share) and 10 percent bonus shares as recommended in the Board of Directors meeting held on March 6, making total payout of 81 percent.-PR
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