Karachi, August 29, 2023 – The National Bank of Pakistan (NBP) has reported an astounding 122 percent increase in after-tax profit for the first half of the calendar year 2023.
This remarkable financial performance underscores the bank’s resilience and strategic initiatives in a challenging economic environment.
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According to the financial results submitted to the Pakistan Stock Exchange (PSX), NBP declared a profit of Rs 27.14 billion during January to June 2023, a substantial surge compared to the Rs 12.24 billion recorded in the corresponding period of the previous year. This impressive performance translates into earnings per share of Rs 12.71 for the first half of 2023, a significant leap from Rs 5.74 in the same period of the previous year.
The board of directors of NBP convened on Tuesday, August 29, 2023, and, in light of the bank’s strong financial performance, chose not to recommend any cash dividend, bonus issue/right shares, or any other entitlement at this time.
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The bank’s interest income experienced robust growth, reaching Rs 73.37 billion for the half-year ending June 30, 2023, compared to Rs 53.18 billion in the corresponding period of the previous year. Likewise, total non-markup income increased to Rs 20.97 billion, up from Rs 19.45 billion. The cumulative income for January to June 2023 stood at Rs 94.30 billion, compared to Rs 76.63 billion during the same period last year.
However, operating expenses for the bank also saw an increase, rising to Rs 44.66 billion for the half-year ending June 30, 2023, compared to Rs 36.46 billion in the same period of the previous year.
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One significant contribution by NBP to the nation during this period was its income tax payment, which amounted to a substantial Rs 21.89 billion for the half-year ending June 30, 2023.
NBP’s exceptional financial performance is a testament to its effective management strategies and its ability to navigate a complex economic landscape. The bank’s growth in profitability, despite the challenges posed by the economic environment, reinforces its position as a leading financial institution in Pakistan.
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As the bank continues to demonstrate its resilience and sound financial management, shareholders and stakeholders will undoubtedly be closely watching NBP’s future strategies and initiatives with high expectations.
