NBP announces financial results for the quarter ended March 31, 2020.
A meeting of the Board of Directors of National Bank of Pakistan was held on. May 21, 2020 to approve the financial statements of the Bank for the three-months period ended March 31, 2020.
Total income of the Bank amounted to PKR 24.87 billion which is 4.8% higher than PKR 23.73 billion earned during the corresponding three-month period last year. For this period, net interest income closed at PKR 16.57 billion, whereas the non-mark-up / interest income closed at PKR 8.30 billion, up by 7.2% and 0.4% respectively.
The Bank's profit before provisions and write-off amounted to PKR 11.06 billion, being 0.7% higher than PKR 10.98 billion for the similar period last year. The after-tax profit for the period under review closed at PKR 4.12 billion, lower by 1.5% as against PKR 4.18 billion earned during the corresponding period of 2019. Drop in after-tax profit is attributed to higher provision charge and some increase in operating expenses.
Given the challenging economic environment, non-performing loans 'NPLs' of the Bank increased by PKR 7.91 billion or 5.3% during the quarter. NPLs are adequately provided for as per the applicable regulatory requirements. The Bank continues to manage capital efficiently through conservative portfolio growth, cautious growth in advances and enhanced credit monitoring. . With...
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