NBP’s annual profit falls by 13pc on massive provisioning, write-offs

KARACHI: The net annual profit of National Bank of Pakistan (NBP) has declined by 13 percent owing to sharp increase in provisioning and write-offs.

The net profit of the bank was at Rs20 billion in 2018 as compared with Rs23 billion in the previous year.

In its financial results submitted to Pakistan Stock Exchange (PSX) on Friday, the bank declared earnings per share at Rs9.41 as compared with previous year’s EPS at Rs10.82.

The net mark-up income and interest income of the bank had been increased to Rs60.66 billion in the year 2018 as compared with Rs54.25 billion in a year ago.

Meanwhile, non-mark up income and interest income of the bank was at Rs36.248 billion for the year under review as compared with Rs31.065 billion a year ago.

The cost of provisioning and write-offs increased massively to Rs11.3 billion as compared with Rs1.19 billion.

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