Karachi, February 22, 2024 – The National Bank of Pakistan (NBP) has reported an impressive 70 percent growth in profit after tax for the calendar year 2023.
According to unconsolidated financial results submitted to the Pakistan Stock Exchange (PSX) on Thursday, the National Bank recorded a profit after tax of Rs 51.84 billion for the year ended December 31, 2023, compared to Rs 30.41 billion in the preceding calendar year.
The bank’s earnings per share (Basic) also witnessed a substantial increase, standing at Rs 24.37 for the year under review, compared to Rs 14.28 in the preceding year. This remarkable financial performance reflects the National Bank’s successful strategies and effective management in navigating the economic landscape.
The board of directors of the National Bank of Pakistan, in its meeting on Thursday, February 22, 2024, did not recommend any cash dividend, bonus issue/right shares, or any other entitlement. While shareholders may not receive additional benefits in the form of dividends or bonus shares, the substantial increase in profit indicates robust financial health and sustainable growth for the bank.
According to the financial statement, the National Bank recorded mark-up/interest income at Rs 1.024 trillion for the year 2023, a significant surge from Rs 503.31 billion in the preceding year. The net mark-up/interest income stood at Rs 168.75 billion for the year ended December 31, 2023, compared to Rs 116.83 billion in the preceding year, showcasing the bank’s effective management of its interest-related operations.
The total income of the National Bank reached Rs 209.35 billion for the year 2023, a notable increase from Rs 153.51 billion in the previous year. This growth in total income demonstrates the bank’s ability to generate revenue across various financial activities and services.
On the expenditure side, operating expenses for the bank were recorded at Rs 93.35 billion for the year ended December 31, 2023, compared to Rs 78 billion in the previous year. While there was an increase in operating expenses, the substantial growth in total income more than compensated for these costs, contributing to the impressive profit figures.
The National Bank of Pakistan also fulfilled its tax obligations, with the bank paying Rs 49.41 billion as income tax for the calendar year 2023, compared to Rs 32.33 billion in the preceding year. This highlights the bank’s commitment to contributing to the national exchequer and fulfilling its corporate social responsibility.
The remarkable financial results of the National Bank of Pakistan for the year 2023 underscore its resilience in a challenging economic environment. The bank’s ability to achieve substantial profit growth reflects positively on its strategic vision, operational efficiency, and prudent financial management. Shareholders and stakeholders can look forward to continued stability and growth from the National Bank in the coming years.
