NBP Reports Highest Ever Profit Before Tax Despite Rs. 9.8 Billion Penalty
Despite a civil penalty of Rs. 9.8 billion imposed on the bank’s US operations, profit before tax amounted to Rs. 52.9 billion which is the highest ever in the history of the bank, according to official statement.
Due to the civil penalty, profit after tax closed at Rs. 28.0 billion reflecting a YoY drop of 8%.
The total provision charge for the year 2021 amounted to Rs. 11.92 billion, which is significantly lower by Rs. 19.0 billion or 62% vs Rs 30.9 billion for 2020.
Also, loan loss and other provision charges reduced by 61% to close at Rs. 11.9 billion.
The total assets of the National Bank of Pakistan have reached Rs 3.85 trillion compared to Rs 2.80 trillion in early 2019.
In 2021 the year-on-year growth was high at 27.9% as the bank achieved the Rs 3.0 Trillion milestone in deposits which increased by Rs 600 billion, of which 80% or Rs 477.4 billion were customer deposits.
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The 73rd Annual General Meeting of National Bank was held today at Karachi and was also open for participation through online electronic means. The meeting was attended by the Chairman Mr. Zubyr Soomro and the President Mr. Arif Usmani along with other Directors and senior management of the Bank as well as a large number of the shareholders.
The shareholders appreciated the bank’s financial performance as total revenue for the year 2021 closed at Rs 134.6 billion that included net interest income of Rs 97.6 billion and non-fund income of Rs 36.9 billion. Despite inflationary pressures, operating expenses dropped by 5% YoY to close at Rs 60.0
