The National Bank of Pakistan (NBP) has released its financial statement for the 9-month period of 2023, revealing a profit of Rs39.52 billion [EPS: Rs18.49]. This marks a substantial 2.05 times Year-on-Year (YoY) increase compared to the profit of Rs19.28 billion [EPS: Rs15.99] reported during the same period last year (SPLY).
The bank experienced notable growth in its net interest income (NII), with a remarkable 49.78% YoY increase, reaching Rs120.93 billion. This growth is attributed to a significant rise in interest-earning assets, reaching Rs720.02 billion, a surge of 2.19 times YoY.
The total non-markup income saw a marginal 1.21% YoY rise, driven by increased fee and commission income, which amounted to Rs16.41 billion, showcasing a 6.2% YoY growth.
However, foreign exchange income notably declined by 51.56% YoY during the review period, amounting to Rs2.79 billion.
Additionally, the bank reported gains from associates and joint ventures during this period.
The provision expense witnessed a substantial increase to Rs9.64 billion in the 9-month period of 2023, compared to Rs3.58 billion in the corresponding period.
On the expense side, the NBP observed a 19.36% increase in total non-markup expenses, primarily due to a 19.12% YoY increase in operating expenses.
Taxes paid by the bank marked a significant increase of 2.05 times compared to the previous year.
