NBP posts 143pc increase in pre-tax profit

LAHORE  - The Board of Directors of National Bank of Pakistan in its meeting held on October 29, 2014 approved the financial results of the Bank for the nine months period ended September 30, 2014. Pre-tax profit of the bank stood at Rs. 18.0 billion for the nine months period ended September 30, 2014 as compared to compared to Rs. 7.4 billion for the corresponding last year, registering colossal increase of 143%. Profit after tax profit took a quantum to Rs.12.1 billion during the period under review as compared to the same period last year, an increase of 107%.
 Earnings per share for nine month period ended September 30, 2014 came to Rs.5.67 as against Rs. 2.74 (Restated) of last year. The Bank in third quarter 2014 recorded after tax profit of Rs. 3.9 billion which was again a complete turnaround as compared to comparative quarter last year, when the quarterly profit was registered at Rs.  97 million.  Non interest/markup income increased by Rs. 3.9 billion or 22% compared to the corresponding period last year. Fees / commission income is showing increase of 6% despite downward revision in agency commission, as lower rate was offset through higher volumes.
The bank capitalized on record high stock exchange index and recorded capital gains of Rs. 6.0 billion which compared to corresponding period last year are higher by Rs. 2.7 billion or 83%.  Provision charge against advances has reduced by Rs. 8.8 billion or 73% mainly on account of better recoveries. Deposits compared to September 2013, increased by Rs.76 billion. Compared to year end December 2013 advances posted marginal decline of 1.4% due to seasonal adjustments. The bank is strongly capitalized with capital and reserves of Rs. 166 billion.

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