NBP declares 11.12pc decline in after tax profit to Rs11.1 billion

KARACHI: National Bank of Pakistan (NBP) on Wednesday declared decline in net profit by 11.12 percent to Rs11.1 billion for the first half ended June 30, 2019.

According to financial results for the half yearly ended June 30, 2019 submitted to Pakistan Stock Exchange (PSX), the bank declared after tax profit of Rs11.101 billion as compared with Rs12.49 billion for the corresponding period of the last year.

The public sector bank declared Rs5.22 earnings per share for the half year as compared with Rs5.87 EPs for the same period of the last year.

The earning of the bank declined owing to higher amount of tax payment for the period under review. The bank discharged tax liability of Rs9.28 billion for the period January – June 2019 as compared with Rs4.66 billion in the corresponding period of the last year.

Total income of the bank for the period under review increased by 18.45 percent to Rs53.76 billion as compared with Rs45.39 billion for the period ended June 30, 2018.

Net mark-up/interest income of the bank increased to Rs35.56 billion for the period ended June 30, 2019 as compared with Rs30.14 billion in the same period of the last year.

While total non-mark up / interest income of the banks increased to Rs18.2 billion as compared with Rs15.25 billion.

Operating expenses of the bank increased to Rs27.8 billion from Rs25.41 billion.

The provisions and write offs of the banks also increased to Rs5.49 billion for the first half ended June 30, 2019 as compared with Rs2.82 billion in the corresponding period of the last year.

The profit before taxation of the bank came at Rs20.38 billion by June 30, 2019 as compared with Rs17.16 billion in the corresponding period of the last year.

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