LAHORE: The 68th Annual General Meeting of National Bank of Pakistan (NBP) was held on Thursday. NBP President Saeed Ahmad chaired the meeting which was attended by the shareholders.
The shareholders approved financial statements and cash dividend of Rs7.50 per share as recommended by the Board of Directors of the bank. This translates into 78 percent dividend payout of the bank’s distributable profit for the year 2016 (after statutory reserve allocation).
The shareholders were informed that the bank achieved 12 percent growth in pre-tax profit for the year as it increased by Rs3,925 million from Rs33,216 million for the year 2015 to Rs37,141 million for the year 2016. After-tax profit amounted to Rs22,752 million ie 18pc higher than Rs19,219 million of prior year. This is highest ever profit in history of the bank translating into Rs10.69 earnings per share. Despite a generally difficult year for the banking industry, the bank succeeded to record growth in both interest/mark-up income and fee based income.
