National Bank declares over 93 percent growth in annual profit

National Bank declares over 93 percent growth in annual profit

KARACHI: National Bank of Pakistan (NBP) on Wednesday declared massive growth of over 93 percent in annual profit for period ended December 31, 2020.

The bank’s profit after tax grew to Rs30.56 billion for the year under review as compared with the net profit of Rs15.81 billion in the preceding year.

The significant growth may be attributed to sharp increase in gains from securities and reduction in operating expenses.

The net mark-up income of the banks grew to Rs104.15 billion for the year ended December 31, 2020 as compared with Rs71.9 billion in the preceding year.

Total income of the bank surged to Rs140.23 billion as compared with Rs108 billion.

The bank’s gains from securities posted a massive growth of 273 percent to Rs7.88 billion for the year under review as compared with Rs2.11 billion in the preceding year.

Operating expenses of the banks were at Rs62.79 billion for the year ended December 31, 2020 as compared with Rs65.7 billion in the preceding year.

Provisioning and write-offs has cost the banks to the tune of Rs30.89 billion as compared with preceding year’s Rs14.25 billion.

The bank declared Rs14.36 as earnings per share for the year ended December 31, 2020 as compared with Rs7.43 EPS in the preceding year.

The board of directors of the bank, however, not recommended any cash dividend, bonus issue/right shares or any other entitlement.

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