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.
NBP’s profit surges by 72%, clocks in at Rs53.3bn in 2023
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 20%.
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%.
During the quarter, the fee and commission income earned by NBP clocked in at Rs7.3 billion, an increase of 13% against Rs6.5 billion earned in the same period last year.
On the other hand, NBP’s foreign exchange income declined by 23%, down from Rs3.1 billion in 2QCY23 to Rs2.4 billion in 2QCY24.
The bank recorded massive gain of 152% on securities to the tune of Rs1.4 billion in 2QCY24, in comparison to a gain of Rs563 million in SPLY.
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%.
During the period, the bank saw its non interest income increase 6%.
NBP’s operating expenses clocked in at Rs27.7 billion in 2QCY24, up 19% against Rs23.1 billion in SPLY.
As a result, NBP’s loss before tax clocked in at Rs18.9 billion in 2QCY24, as compared to PBT of Rs15.8 billion in SPLY.
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