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National Bank of Pakistan Q1 net profit rises 1.4% YOY

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National Bank of Pakistan Q1 net profit rises 1.4% YOY

National Bankof Pakistan posted a 1.4% year-over-year increase in net profit forthe first quarter on the back of an improving economic environment in thecountry as well as lower provisions against bad debt.

The bank's net profit attributable to shareholders rose to4.02 billion rupees from 3.97 billion rupees in the prior-year period. EPSincreased to 1.89 rupees from 1.86 rupees.

The bank said the national economic showed positive signalsduring the quarter, characterized by an increase in GDP growth, fiscalconsolidation and the restoration of forex buffers, among other things.

Net interest income before provisions jumped year over yearto 12.18 billion rupees from 10.70 billion rupees, while provisions againstnonperforming loans and advances declined to 1.06 billion rupees from 3.03billion rupees in the year-ago quarter.

Fee, commission and brokerage income climbed to 3.04 billionrupees from 2.93 billion rupees. The bank's total noninterest income increasedto 17.92 billion rupees from 16.85 billion rupees.

As of April 27, US$1was equivalent to 104.81 Pakistani rupees.