NBP shareholders approve dividend of Rs 7.50 per share: 18 percent growth observed in profit

The 68th Annual General Meeting of National Bank of Pakistan was held at a hotel here on Thursday, which was well attended by the shareholders. President of the Bank, Saeed Ahmad chaired the meeting.
The shareholders approved financial statements and cash dividend of Rs 7.50/- per share as recommended by the Board of Directors of the bank. This translates into 78 percent dividend payout of the bank's distributable profit for the year 2016 (after statutory reserve allocation).
The shareholders were informed that the Bank achieved 12 percent growth in pre-tax profit for the year as it increased by Rs 3,925 million from Rs 33,216 million for the year 2015 to Rs 37,141 million for the year 2016. After-tax profit amounted to Rs 22,752 million ie 18 percent higher than Rs 19,219 million of prior year. This is highest ever profit in history of the bank translating into Rs 10.69 earnings per share. Despite a generally difficult year for the banking industry, the Bank succeeded to record growth in both interest/mark-up income and fee based income. The bank achieved a commendable 16 percent growth in deposits and a 13 percent growth in advances; whereas its capital & reserves increased to Rs 177 billion as of December 31, 2016. It was presented to the shareholders that the improved results were achieved through effective execution of strategies which encompass improving deposit-mix, earning assets optimisation and re-profiling, better cost controls, and expansion of market footprint in both conventional and Islamic business.-PR