NBP Profit Increases By 25.3%.

ISLAMABAD,(UrduPoint / Pakistan Point News -27th Augst,2016) : The National Bank of Pakistan (NBP)'s after-tax profit has increased by 25.3% to Rs.9.5 billion as compared to Rs. 7.5 billion for the corresponding period of 2015.

"This translates into earnings per share of Rs 4.44 as against Rs. 3.54 for the corresponding half year 2015," Syed Ibne Hassan Spokesman of the bank said. He disclosed that in this connection a meeting of the board of Directors (BoD) of National Bank of Pakistan (bank) was held the other day at Bank's Head Office in Karachi in which the BoD also approved the financial statements of the bank for the half year ended June 30, 2016. He said keeping its momentum for growth, the bank, recorded a pre-tax profit of Rs.

16.5 billion i.e. 9.2% higher against Rs. 15.13 billion for the corresponding half year of 2015. Pre-tax and after-tax return on equity were 29.1% (1H'15:27.9%), and 16.6% (1H'15:13.9%) respectively; whereas the pre-tax and after tax return on assets remained 1.9% and 1.1%respectively.

The Bank's Spokesman said the Bank's after-tax profit increased by 25.3% to Rs. 9.5 billion compared to Rs. 7.5 billion for the corresponding period of 2015. This, he said translated into earnings per share of Rs 4.44 as against Rs.

3.54 for the corresponding half year 2015. Keeping its momentum for growth, the bank, recorded a pre-tax profit of Rs. 16.5 billion i.e. 9.2% higher against Rs. 15.13 billion for the corresponding half year of 2015.

Pre-tax and after-tax return on equity were 29.1% (1H'15:27.9%),and 16.6% (1H'15:13.9%) respectively;whereas the pre-tax and after tax return on assets remained 1.

9% and 1.1%respectively, he remarked.

Hassan said despite a continued reduction in the discount rate during the period, bank's net interest income increased by 11.4% to Rs. 27.6 billion against Rs. 24.8 billion in 1H'15. This, he said was achieved through maintaining an efficient assets-mix of high-yield loans and investments.

Fee/commission income amounted Rs. 7.04 billion i.e. 23.2% higher than Rs. 5.7 billion for the corresponding half year 2015. Syed Ibne Hassan further said that significant balance sheet growth was also recorded during the period as the balance sheet footing touched Rs.

1,905 billion as of June 30, 2016 i.e. 11.6% higher than Rs. 1,706 billion as of December 2015. He said gross advances increased by 7.2% to Rs. 742 billion against Rs. 692 billion as of December 2015.

Deposits increased by around 10% to Rs. 1,399 billion as against Rs. 1,274 billion as of June 2015 with 77.6 % being domestic CASA deposits. During the period under review, deposits of the Islamic Banking branches increased by 60% from Rs.

12.7 billion as of December 2015 to Rs. 20.3 billion at the end of 1H `16. The Bank's network now consists of 1,403 domestic branches. This, he said included Islamic banking branches network of 112 branches up from 79 in December 2015.

He said the Bank has now installed 1,188 Auto Teller Machines (ATMs) and installation of another 125 ATMs was expected to be completed in 2016. The NBP, he said would soon be launching its Debit Card and other alternate delivery channels like mobile banking, internet banking and fund transfers through ATMs.