KARACHI: The National Bank of Pakistan (NBP) has posted 32 per cent decline in its profits during the second quarter of the current calendar year as the bank earned Rs3.97 billion in the quarter under review as compared to Rs5.873 billion in the corresponding period previous year.
However, pretax profit rose 12.5 percent to Rs9.862 billion in the reporting period boosted also by one time capital gain to the tune of Rs4.4 billion that beat market expectations. Earnings per share (EPS) came in at Rs1.87 this quarter as compared to Rs2.76; the bank decided to skip the payouts.
The NBP’s net interest income settled at Rs11.217 billion, as the bank managed to bring down interest expenses by 14.8 percent to Rs14.686 billion as compared to Rs17.244 in the same quarter last year.
Non-interest income during the quarter surged 11.24 percent to Rs10.031 billion as compared to Rs9.017 billion a year ago, as the bank’s share of losses from associates declined to Rs104.749 million as compared to Rs467.762 million in the quarter ended June 30, 2014.
For the half-year ended June 30, 2015, the NBP posted a profit-after-tax of Rs7.86 billion and EPS of Rs3.69 against the profit of Rs9.114 billion and EPS of Rs4.28, as the provisions against non-performing advances surged over three times to Rs6.753 billion as compared to Rs1.989 billion last year.
