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| NBP earns Rs4.2bn net profit |
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Thursday, April 30, 2009
By our correspondent
KARACHI: National Bank of Pakistan (NBP) has posted a net profit of Rs4.2 billion in the first quarter of the current calendar year 2009. This is eight per cent lower than Rs4.6 billion the bank earned in the corresponding quarter last year.
This translated into earning per share (EPS) of Rs4.79 in the period under review against Rs5.16 EPS in the first quarter of 2008.
Board of Directors of the bank has recommended no cash dividend, bonus issue, right shares or any other entitlement, according to a notification the Bank sent to KSE on Wednesday.
The decline was mainly led by an 11 per cent drop in non interest income as the bank received a one-off income tax refund of Rs988 million from tax authorities last year.
Hence, NBP recorded non interest income of Rs3.7 billion during Jan-Mar 2009 versus Rs4.1 billion in the same quarter last year. Moreover, increasing inflationary pressures saw administrative expense rise by 11 per cent to Rs5.1 billion, said Farhan Rizvi at JS Research.
The effect of lower non interest income and increased operating expenses was partially negated by a decent rise in net interest income, which was recorded at Rs9.5 billion up five per cent on year-on-year basis.
NBP further informed that the outstanding impairment loss net of tax as of March 31, 2009 is standing at Rs316 million which has been deferred for recognition in accordance with State Bank BSD Circular No 4 dated Feb 13, 2009.
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ISSN 1563-9479 
