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Banks profits down 18 percent

 

The banking sector profits went down by 18 percent to 39 billion rupees in the first quarter of 2018 mainly on account of one-time pension cost and lower capital gains recorded during the quarter.

However, the net interest income (NII) of the sector was up 9 percent to 118 billion rupees during the period under review, driven by balance sheet growth, improving deposit profile and recoveries of markup income.

Total provisioning reversal during the first quarter of 2018 stood at 976 million rupees against the total provisioning reversal of two billion rupees in the first quarter of 2017.

Capital gains during the first quarter of 2018 declined by 40 percent to 8.1 billion rupees.

Banks including Allied Bank (ABL), Habib Bank (HBL), MCB Bank (MCB) and United Bank (UBL) booked cumulative pension cost of 10.9 billion rupees during the period under review

Source: Radio Pakistan

 

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