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National Bank of Pakistan posts YOY increase in net profit for FY'17

National Bank of Pakistan posted a year-over-year increase in net profit for the full year ended Dec. 31, 2017.

Consolidated net profit attributable to shareholders for the year rose to 23.18 billion rupees, or 10.90 rupees per share, from 23.04 billion rupees, or 10.83 rupees per share, a year ago.

The S&P Capital IQ consensus mean estimate for normalized EPS was 9.75 rupees, with three analysts reporting.

Net interest income dropped to 54.60 billion rupees from 55.43 billion rupees, while noninterest income ticked up to 88.05 billion rupees from 87.43 billion rupees. Fee, commission and brokerage income climbed to 18.40 billion rupees from 15.91 billion rupees.

The bank's net provisions against nonperforming advances surged to 1.24 billion rupees from 707.9 million rupees. Its net reversal of provision for diminution in the value of investments jumped to 2.58 billion rupees from 1.68 billion rupees.

As of Feb. 20, US$1 was equivalent to 110.65 Pakistani rupees.