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Tag: National Bank of Pakistan

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

    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.

  • NBP provides online exchange rate facility to Pakistan Customs

    NBP provides online exchange rate facility to Pakistan Customs

    KARACHI: The Federal Board of Revenue (FBR) is receiving real time exchange rate from National Bank of Pakistan (NBP) for determination of customs valuation.

    FBR has decided to electronically link customs automated system WeBOC with the Treasury and Capital Markets Group of the National Bank of Pakistan so that the daily exchange rate of major currencies are uploaded into WeBOC directly as soon as the same are notified.

    Settlement of payments for Pakistan’s International Trade, like other countries, is done in international currencies. Value of imported goods is converted to Pak Rupees, using latest exchange rate of major currencies notified by the Treasury of the National Bank of Pakistan.

    As per current procedure, Exchange rate for various currencies is procured from Treasury and Capital Markets Group office of National Bank of Pakistan by Pakistan Customs on daily basis either manually or by downloading the same from National Bank of Pakistan website.

    It is then fed manually into the Customs automated system WeBOC for utilization in assessment of value of imports for calculating duties and taxes.

    In order to further enhance the efficiency of this operation, FBR has decided to electronically link customs automated system WeBOC with the Treasury and Capital Markets Group of the National Bank of Pakistan so that the daily exchange rate of major currencies are uploaded into WeBOC directly as soon as the same are notified.

    Necessary instructions have been issued to Director (Reforms & Automation), Karachi for development and deployment of required module in close consultation with National Bank of Pakistan on top priority basis. It is expected that this reform initiative will improve the efficiency and transparency of the process, and will also preclude any possibility of errors/omission.

  • National Bank declares 14.5 percent decline in after tax profit on imposition of super tax

    National Bank declares 14.5 percent decline in after tax profit on imposition of super tax

    KARACHI: National Bank of Pakistan (NBP) has declared 14.5 percent decline in after tax profit for the first quarter ended March 31, 2019 due to imposition of super tax.

    Meeting of the Board of Directors (BoD) of NBP was held on Wednesday at Bank’s Head Office in Karachi in which the BoD approved the financial statement of the Bank of the quarter ended March 31, 2019.

    The after tax profit for the quarter ended March 31, 2019 was at Rs4.2 billion, which was 14.5 percent lower when compared with Rs4.9 billion in the corresponding period of the last year.

    The bank attributed the decline in profit to imposition of super tax which was imposed through Finance Supplementary (Second Amendment) Act, 2019 for the tax year 2018 (financial year ended December 31, 2017.

    Pre-tax profit of the bank was at Rs8.7 billion for the period under review as against Rs7.6 billion for the corresponding quarter of 2018, registering 14.5 percent increase.

    The bank earned mark-up/ interest income amounting to Rs45.8 billion which is 45.9 percent higher than Rs31.4 billion earned during the corresponding period last year.

    This growth is attributed to the increase in discount rate, as well as a volumetric growth in both investment and advances, YoY.

    Also, the Bank’s non mark-up / interest income increased by 40.2 percent YoY and amounted to Rs8.3 billion.

    The bank’s unconsolidated pre-provision profit amounted to Rs10.98 billion which is 45.2 billion higher than Rs7.6 billion for the corresponding period o the last year.

    Earnings per share amounted to Rs1.97 as against Rs2.30 for the corresponding quarter ended March 31, 2018.

    The total assets of the bank as at March 31, 2019 stood at Rs2,401.8 billion as compared with Rs2,798.6 billion as on December 31, 2018, registering decline of 14.2 percent.

    Gross advances of the bank amounted to Rs1,046.1 billion which is slightly lower than Rs1,059.5 billion as on December 31, 2018.

    However, YoY, total advances registered increase by Rs176.6 billion or 20.3 percent as compared to Rs869.5 billion as of March 31, 2018.

    Total deposits of the bank as on March 31, 2019 amounted to Rs1,778.7 billion, lower by Rs232.7 billion (11.6 percent) as against Rs2,011.4 billion as of December 31, 2018. The drop was observed due to withdrawal of deposits by certain financial institutions. Customer deposits that from the core of bank’s funding pool however remained stable.

  • Zubyr Soomro appointed as NBP board chairman

    Zubyr Soomro appointed as NBP board chairman

    KARACHI: Zubyr Soomro has been appointed as chairman of Board of Directors of National Bank of Pakistan (NBP), said a notice to Pakistan Stock Exchange (PSX) on Thursday.

    A day earlier the finance division notified appointment of chairman and directors on the board of NBP with immediate effect.

    According to the notice the following members have been appointed on the NBP board:

    01. Zubyr Soomro, chairman on vacant slot

    02. Mohammad Sohail Rajput AFS (IF/Inv), Finance Division, Director representing the government. He has replaced A Akbar Sharifzada, Ex-AFS, Finance Division

    03. Tawfiq Asghar Hussain, Director, who replaced Muhammad Imran Malik

    04. Ms. Sadaffe Abid, Director, who replaced Asad Munir

    05. Zafar Masud has been appointed as director on the vacant slot

    06. Imam Bakhsh Baloch has been appointed as director on the vacant slot

  • NBP’s annual profit falls by 13pc on massive provisioning, write-offs

    NBP’s annual profit falls by 13pc on massive provisioning, write-offs

    KARACHI: The net annual profit of National Bank of Pakistan (NBP) has declined by 13 percent owing to sharp increase in provisioning and write-offs.

    The net profit of the bank was at Rs20 billion in 2018 as compared with Rs23 billion in the previous year.

    In its financial results submitted to Pakistan Stock Exchange (PSX) on Friday, the bank declared earnings per share at Rs9.41 as compared with previous year’s EPS at Rs10.82.

    The net mark-up income and interest income of the bank had been increased to Rs60.66 billion in the year 2018 as compared with Rs54.25 billion in a year ago.

    Meanwhile, non-mark up income and interest income of the bank was at Rs36.248 billion for the year under review as compared with Rs31.065 billion a year ago.

    The cost of provisioning and write-offs increased massively to Rs11.3 billion as compared with Rs1.19 billion.

  • Arif Usmani appointed NBP President, CEO

    Arif Usmani appointed NBP President, CEO

    Karachi – The federal government has officially appointed Arif Usmani as the President and Chief Executive Officer (CEO) of the National Bank of Pakistan (NBP), according to an official note received by the Pakistan Stock Exchange (PSX) on Wednesday.

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  • NBP becomes settlement bank for Mobi Direct Payment System

    NBP becomes settlement bank for Mobi Direct Payment System

    KARACHI: National Bank of Pakistan (NBP) has signed an agreement to become settlement bank for Mobi Direct’s digital payment system.

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