National Bank of Pakistan – Profit grew 51 percent

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National Bank of PakistanPakistan’s National Bank of Pakistan (NBP) pre-tax profit increased by 51pc for 2015 at Rs. 33.2 billion against Rs. 22 billion of 2014. This was disclosed to National Bank of Pakistan shareholders during 67th annual general meeting of the bank.

Chairman, Pakistan Stock Exchange Muneer Kamal and President Syed Iqbal Ashraf also attended the meeting.

This is a complete turnaround from year 2013 and is higher by 368pc than that of 2013.

The increase in profit before tax is mainly derived through 17pc growth in core net interest/mark-up income, and 15pc growth in non-interest/mark-up income.

For mitigating the impact of the policy rate cut, the bank managed its earning assets portfolio-mix in an optimum manner.

It was presented to the shareholders that the improved results were achieved through effective execution of strategies which encompass improving deposits mix for higher net interest income, portfolio optimization and re-profiling, cost controls, business automation and expansion in branch network.

The bank also focused on recoveries against non-performing loans.

The Board of Directors in its meeting held on February 19, 2016, had proposed a final cash dividend of Rs. 7.50 per share (75pc) for the year ending on December 31, 2015.

This results into 92pc dividend payout of the bank’s distributable profit for the year 2015 (after statutory reserve allocation) and is among the highest in the banking industry.

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