LAHORE: Meeting of the Board of Directors (BoD) of National Bank of Pakistan (bank) was held on Thursday at Bank’s head office in Karachi in which the BoD approved the financial statements of the bank for the nine months period ended September 30, 2016.
Bank’s after-tax profit for the nine months period increased by 11% to Rs. 13.4 billion compared to Rs12.1 billion for the corresponding nine months of 2015. This translates into earnings per share of Rs.6.3 i.e. 11% up against Rs. 5.7 for the comparative period last year. Pre-tax and after-tax return on equity were 26.4%, and 15.5% (September2015: 26.2% &14.5%) respectively; whereas the pre-tax and after tax return on assets are 1.7% and 1.0% respectively.
Despite a continued reduction in the discount rate during recent quarters, bank’s net interest income increased by 4.3% YoY to Rs. 39.3 billion against Rs. 37.6 billion for nine months of 2015.Specific provision charge for the period was Rs. 1.9 billion, 76% lower than Rs. 8.2 billion for the corresponding nine month period of 2015.
This depicts an improvement in the assets quality of the bank. During the period, the bank earned a fee/commission income of Rs. 9.96 billion being 20.4% up against Rs. 8.3 billion for the comparative nine months period of 2015.
