Saturday, May 25, 2024

National Bank of Pakistan Becomes Most Profitable Bank of Pakistan by Beating UBL and HBL

The National Bank of Pakistan’s Board of Directors met on Thursday to assess the bank’s financial performance and approve the condensed interim financial statements for the three months ending March 31, 2022.

Despite the bank’s ongoing economic troubles and uncertainty, it has produced good earnings for its stockholders. This reflects the efficacy of management’s strategies, the durability of the bank’s business model, and our employees’ efforts during this period.

For the three months, NBP recorded a gross interest income of Rs. 79.2 crore compared to Rs. 48.5 crore for the same period last year.

The bank’s investment portfolio generated a profit margin/interest income of Rs.50.4 billion, equivalent to Rs.22.5 crore or 80.8% versus Rs 27.9 crore in Q1 2021.

While the loan portfolio had a profit margin of Rs 26.2 crore i.e Rs 6.5 crore or 32.8% up from Rs 19,700 crore in Q1 2021.

United Bank Ltd (UBL) announced a 24 per cent increase in quarterly net profit due to the rise in interest income on Wednesday.

In a statement to the Pakistan Stock Exchange, the bank posted a net profit of Rs9.394 billion for the quarter ended March 31, up from Rs7.585 billion the previous year.

HBL reported a consolidated profit before tax of Rs14.6 billion and a profit after tax of Rs8.6 billion for the first quarter of 2022, both of which were higher than the same period last year.

“The results include a one-off redundancy fee of Rs. 2.6 billion,” she added. “Excluding the impact of this one-off charge, the bank’s pre-tax profit is 18% higher than in the first quarter of 2021.

The bank has declared a dividend of Rs. 2 rupees along with the results.25 per share (22.5%)”.

HBL said it continues to build on its growth story, with its balance sheet strength increasing a further 5% to Rs 4.5 trillion from December 2021.

Consequently, profit after tax for the three months was Rs.9.84 crore. 2.1 crore or 27.6 per cent more than Rs.7.7 billion for the first quarter of 2021, the highest quarterly profit in NBP’s history.

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