KARACHI: The NIB Bank Limited has announced mammoth growth of 336 percent in its profits during the quarter ended March 31, 2016.
In a condensed interim profit and loss account statement issued to the PSX, NIB posted profits of Rs1.26 billion as compared to Rs290.40 million in the corresponding quarter of the last year. The bank also announced earnings per share (EPS) of 12 paisas against three paisas last year.
Interest earned during the period was recorded at Rs3.80 billion against Rs3.78 billion, while expensed interest was recorded at Rs2.74 billion as against Rs2.61 billion. Thus, the net interest income of the bank was declared at Rs1.06 billion as compared to Rs1.17 billion.
The main reason of a huge increase in the profit of the bank is other income that rose by 122 percent to Rs2.32 billion as against Rs922.86 million in the corresponding quarter of the last year.
Meanwhile, Soneri Bank Limited’s profits went down by 12 percent during the quarter ended March 31, 2016.
In a profit and loss statement issued to the PSX, the bank declared profits of Rs539.20 million as compared to Rs613.27 million in the corresponding period of the last year. The bank posted earnings per share (EPS) of 49 paisas as compared to 56 paisas last year.
During the period under review, the bank’s net interest income remained at Rs1.89 billion against Rs1.82 billion in the same quarter of the last year. Main reason in the decline of profits is a downfall in the noninterest income that came down to Rs569.36 million from Rs757.95 million.
