NBP suffers massive Rs9b loss in Apr-June 2024
National Bank of Pakistan (NBP), one of the country’s largest commercial banks, registered a massive consolidated loss to the tune of Rs8.98 billion during the quarter ended June 30, 2024. The bank had registered a profit after tax of Rs15.85 billion in the same period of the preceding year.
As per a notice sent to the Pakistan Stock Exchange (PSX) on Thursday, NBP’s loss per share (LPS) stood in at Rs4.28 in 2QCY24, as compared to earnings per share (EPS) of Rs7.42 in same period last year.
On a consolidated basis, NBP’s mark-up/return earned rose from Rs240.05 billion in 2QCY23 to Rs287.7 billion in 2QCY24, an increase of nearly 20pc.
As a result, the bank’s net mark-up/return earned increased to Rs42.9 billion in 2QCY24, as compared to Rs40.7 billion in 2QCY23, up by 5 per cent.
During the quarter, the fee and commission income earned by NBP clocked in at Rs7.3b, an increase of 13pc against Rs6.5b earned in the same period last year. On the other hand, NBP’s foreign exchange income declined by 23pc, down from Rs3.1b in 2QCY23 to Rs2.4b in 2QCY24. The bank recorded massive gain of 152 per cent on securities to the tune of Rs1.4b in 2QCY24, in comparison to a gain of Rs563 million in SPLY. -APP
During the period, NBP’s share of profit from joint venture and from association increased to Rs446.6 million, as compared to only Rs336.9 million in SPLY, an increase of 33 per cent. During the period, the bank saw its non interest income increase 6 per cent. NBP’s operating expenses clocked in at Rs27.7 billion in 2QCY24, up 19 per cent against Rs23.1 billion in SPLY.