NBP declares PKR 15 billion profit after tax

By Abdul Qadir Qureshi
(Pakistan News & Features Services)

Despite the numerous changes being faced by the banking industry since February due to the advent of coronavirus (COVID-19), National Bank of Pakistan (NBP) has achieved profit after tax of PKR 15.2 million for the first six months of 2020.

The Board of Directors of NBP met on September 1 during which it approved the condensed interim financial statements of the bank for the half-year ended June 30, 2020.

With strong growth in core earnings, NBP reported unconsolidated Profit After Tax of PKR 15.2 billion, up by PKR 4.1 billion or 36.8% compared to the same period last year.

Its net assets increased by PKR 26.4 billion to PKR 259.0 billion from PKR 232.6 billion in December 2019, according to media release issued by the bank’s media department on September 2.

During the first falf 2020, NBP earned gross mark-up/interest income amounting to PKR 145.3 billion which is 49% higher than PKR 97.7 billion while total earning assets averaged at PKR 2,428.1 billion, up from PKR 1,931.5 billion last June.

Whereas, net advances averaged at PKR 971.1 billion being 6.6% higher than PKR 911.3 billion of Jun ’19, and recorded 18.7% growth in mark-up income that closed at PKR 57.6 billion. As the bank incurred cost of funds amounting to PKR 96.8 billion, net mark-up/interest income for H1 ’20 closed at PKR 48.4 billion, being 36.2% higher against PKR 35.6 billion earned during the first half of last year.

Contributing a quarter to the total income, Non-Fund Income (NFI) for this period amounted to PKR 18.3 billion, marginally higher by PKR 0.14 billion or 1% than PKR 18.2 billion of H1, 2019.

Despite high inflationary pressures, the bank did well at keeping a lid on the administrative expenses that clocked at PKR 29.5 billion. The total asset base of the bank on an unconsolidated basis amounted to PKR 3,163.4 billion which was 1.2% higher than PKR 3,124.4 billion as at December 31, 2019 while the investments continued to constitute the bulk of the asset-mix and increased by PKR 203.8 billion to PKR 1,643.0 billion, whereas net advances registered a decline of 7.2% over Dec ‘19, clocking in at PKR 935.6 billion.

On the liabilities side, the deposit base of the Bank registered an increase of PKR 141.2 billion, improving the current account mix to 55.1% and CASA ratio to 83.1%.

In June 2020, M/s VIS Credit Rating and PACRA Credit Rating re-affirmed the Bank’s credit rating as “AAA” (Triple AAA), the highest credit rating awarded by the company for a bank in Pakistan.

In recognition of the successful deals and innovative initiatives that made a positive impact for its clients, NBP had recently been awarded two prestigious awards of Corporate Client Initiative of the Year (Pakistan) and the Innovative Deal of the Year (Pakistan) by the Asian Banking & Finance Magazine.

It has been revalidating business assumptions with a focus on how the COVID-19 crisis may affect its asset quality and the adjustments needed to contain the impact on its overall business model.

NBP has remained committed to using its earnings to bolster the balance sheet and provisions have been increased substantially with the key element of the strategy already approved by the board being to support greater financial inclusion via participation in the SME, housing, agriculture and construction sectors.

It has continued to play its role in supporting those segments which have been under pressure during the slowdown to help them retain their financial flexibility and play their due role in the economy.

Dr. Zeelaf Munir Calls for Supply Chain Reforms to Strengthen Pakistan’s Food Security at Breathe Pakistan 2026

Karachi: At the recently held Breathe Pakistan 2026 conference, where EBM participated as the principal partner, the company’s Managing Director and CEO Dr. Zeelaf Munir emphasized the urgent need to rebuild Pakistan’s agricultural supply chain to ensure long-term food security and sustainable development. Addressing participants at the event, Dr. Zeelaf Munir stated that while initiatives such as improved seeds, affordable credit facilities, and crop insurance are important, they alone cannot transform the lives of smallholder farmers unless the supply chain that follows agricultural production is fundamentally restructured. She highlighted that Pakistan’s food security is being “made or lost” within the post-farm supply chain, stressing that inefficiencies in storage, transportation, distribution, and market access continue to limit the benefits reaching farmers and consumers alike. Dr. Munir further noted that the transformation required in Pakistan’s agri-food sector must ...

Constitution, Justice and Public Trust Essential for National Unity: Speakers

Bazm-e-Mukalma Pakistan organized the 39th Professor Karrar Hussain Memorial Lecture with a question-and-answer session at Rabat Hall, Bahadurabad, on “Lack of National Unity: Causes and Remedies.” Speakers and senior analysts Syed Muzafar Ejaz and Mazhar Abbas said national unity could not be achieved through slogans alone, but required justice, equality, constitutional supremacy, democratic continuity and public trust. They highlighted religious, linguistic, provincial and class-based divisions as major challenges to national cohesion. Mazhar Abbas stressed the importance of institutions working within their constitutional limits, freedom of the press and respect for the people’s right to choose their representatives. The session concluded with an interactive question-and-answer session on national identity, constitutional supremacy, the political system, provincial grievances and the role of state institutions.

China's port city Tianjin houses beautiful mosque

By Masood Sattar Khan (Pakistan News & Features Services) Tianjin, one the China’s busiest port cities and close to Beijing, has a beautiful masque sprawling on 1970 meters with all modern facilities for worshippers. The famous Tianjin East Mosque is located in downtown at Ermalu Road in Nankai district. Tianjin is estimated to have around a Muslim population of 180,000. The mosque was built anew in 2008 when it was relocated to shift for more spacious space to facilitate the local Muslims. The new mosque is very beautiful with modern facilities thus the atmosphere becomes more comfortable for the worshippers. The walls of the main prayer hall are decorated with verses from Holy Quran.

Shehri TV – Pakistan News, Current Affairs, Entertainment

Search This Blog