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National Bank of Pakistan Q1 profit falls YOY as provisions rise

National Bank of Pakistan posted a year-over-year decline in profit for the quarter ended March, primarily due to a surge of provisions.

The bank's consolidated profit attributable to shareholders fell to 4.26 billion rupees from 5.06 billion rupees in the year-ago period. EPS slipped to 2 rupees from 2.38 rupees, according to a May 22 earnings report.

Net interest income for the period grew to 15.61 billion rupees from 14.19 billion rupees, while fee and commission income inched up to 4.40 billion rupees from 4.35 billion rupees.

Total income rose to 24.32 billion rupees from 20.66 billion rupees. Operating expenses also climbed to 13.24 billion rupees from 12.82 billion rupees.

The lender booked net provisions and write-offs worth 2.21 billion rupees, compared with a reversal of 2.6 million rupees a year earlier.

As of May 22, US$1 was equivalent to 151.74 Pakistani rupees.