NBP’s profit surges by 72%, clocks in at Rs53.3bn in 2023

National Bank of Pakistan (NBP), one of the country’s largest commercial banks, registered a profit-after-tax (PAT) of Rs53.32 billion during calendar year 2023, a growth of over 72% year-on-year.

The bank registered a PAT of Rs30.95 billion in the same period of the preceding year.

As per a notice sent to the Pakistan Stock Exchange (PSX) on Thursday, NBP’s earnings per share stood in at Rs24.96 in 2023, an increase from Rs14.49 in 2022.

The Board of Directors of the bank did not recommended any cash dividend.

The profit comes on the back of a massive increase in interest income.

During the period, NBP’s mark-up/return earned rose from Rs503.58 billion in 2022 to Rs1,025.13 billion in 2023, an increase of nearly 104%.

As a result, the bank’s net mark-up/return earned increased to Rs169.36 billion in 2023, as compared to Rs117.1 billion in 2022, a jump of 45%.

Rehmat Ali Hasnie made NBP President

The fee and commission income earned by NBP in 2023 clocked in at Rs24.14 billion, an increase of 7% against Rs22.56 billion earned in the same period last year.

On the other hand, NBP’s foreign exchange income declined by nearly 7%, down from Rs8.3 billion in 2022 to Rs7.7 billion in 2023.

The bank recorded massive gain of 294% on securities to the tune of Rs4.42 billion in 2023, in comparison to a gain of Rs1.12 billion in SPLY.

During the period, NBP’s share of profit from joint venture and from association increased to Rs1.47 billion, as compared to only Rs450 million in 2022, an increase of 227%.

During the period, the bank saw its non interest income increase 14%.

NBP’s operating expenses clocked in at Rs95.45 billion in 2023, up 20% against Rs79.66 billion in SPLY.

The bank’s profit before tax clocked in at Rs103.3 billion in 2023, an increase of over 62%.