NBP announces 21% decline in after tax profit

NBP announces 21% decline in after tax profit

KARACHI: National Bank of Pakistan (NBP) on Friday announced 21 percent decline in its annual profit for period ended December 31, 2019. The bank declared Rs15.8 billion after tax profit for the year 2019 as cmopared with Rs20.01 billion in the last year.

According to unconsolidated profit and loss account, the bank declared basic earnings per share at Rs7.43 for the year 2019 as it was Rs9.41 EPS in 2018.

The net interest income of the bank rose by 18.53 percent to Rs71.9 billion for the period ended December 31, 2019 as compared with Rs60.66 billion a year ago. Non-mark up income of the bank was flat at Rs36.19 bllion when comared with Rs36.246 billion a year ago.

The operating expenses of the NBP increased by 18.02 percent to Rs65.725 billion when compared with Rs55.687 billion.

The provisioning for write-offs increased by 26.1 percent to Rs14.25 billion in 2019 as compared with Rs11.3 billion a year ago.

The tax payment of the bank also increased by 26.22 percent to Rs12.193 billion for the year ended December 31, 2019 as compared with Rs9.66 billion in 2018.