NBP posts stellar results for a COVID stricken quarter

KARACHI - National Bank of Pakistan (NBP) has posted surprisingly good numbers for quarter ending June 2020 given that the global Coronavirus pandemic has stalled Pakistani economy to almost a halt. In its meeting on 1st September, 2020, the Board of Directors of NBP released second quarter 2020 as well as half yearly reports for first half of the year. The board however did not recommend and cash dividends or bonuses given the situation.

According to un-audited consolidated interim profit and loss report released by the bank, net mark-up interest income stood at 31,974 million, 45% higher than during the same period last year where net markup interest income stood at 20,100 million. Similarly, net markup/interest income during first half of 2020 stood at 48,443 million, significantly higher than 35,563 million for jan-Jun six-month period of 2019.

Total income of the bank at the quarter ending Jun 2020 stood at 41,914 million compared to 30,037 million during same quarter last year. After taxation, NBP has posted total profits of 11,071 million compared to 6,917 million during same quarter last year. A significant jump of approximately 46%.

NBP has posted an earning per share of PKR 5.15 compared to PKR 3.34 during the same quarter last year. While NBP has posted strong profits during the COVID-19 stricken last quarter, NBP has also donated a more than PKR 100 million for COVID relief activities and has supported over 30,000 families with its CSR activities during the COVID pandemic in Pakistan.