National Bank of Pakistan Board of Director’s Meeting

National Bank of Pakistan Board of Director’s Meeting

Karachi: Board of Director’s of National Bank of Pakistan in their meeting held on August 18, 2011 at the bank’s Head Office Karachi approved the financial statements of the Bank for the six months period ended June 30, 2011.

The bank recorded pre-tax profit of Rs. 11,659 million for the first half year 2011 which is at the same level as corresponding period last year. Earnings per share stands at Rs. 4.81 compared to Rs. 4.65 of the corresponding period last year. Pre tax return on equity stands at 22.6% whereas pre tax return on assets is at 2.2%.

Bank’s net interest income increased by Rs. 1,947 million or 9.4% from corresponding period last year. Non interest mark-up income increased by Rs. 1,531 million or 18.4% compared to corresponding period last year as a result of higher fee income and compensation on tax refunds. Administrative expenses increased by 12% which is in line with inflation and salary increases.

Deposits are at the same level as yearend December 2010. Compared to June 2010, increase in deposit is Rs.14 billion. Advances increased by Rs. 26.0 billion compared to year end December 2010 mainly in corporate and agriculture sector. The bank is on track for its infrastructure up gradation project for online branches.

NBP will continue to focus on increasing low cost deposits, recoveries, improvement in the quality of assets, technology upgradation and expense management.

For more information, contact:
Ali Ahmed Zaib
National Bank of Pakistan
Marketing PR and Media Department
Head Office, I.I. Chundrigar Road, Karachi.
Tel: 021-99213113
Fax: 021-99212734
Cell: 0300-2015052

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