Pakistan News

National Bank profit dips 15pc

National Bank profit dips 15pc

KARACHI: National Bank of Pakistan (NBP) posted a profit of Rs8.51 billion for January-June, depicting a 15 per cent decline year-on-year.

“Profitability of the bank remained under pressure during the period on account of lower interest rates and maturity of high-yielding Pakistan Investment Bonds,” said a press release issued by the bank on Thursday.

Operating income for the half year amounted to Rs41.7bn, almost flat on an annual basis. The bank’s markup income for the period remained Rs26.4bn, slightly down from last year, due to a lower yield on government securities.

The press release said the bank’s balance sheet grew to Rs2.32 trillion, up 18pc from December. Deposits of the bank amounted to Rs1.74tr, up 5pc from the end of 2016. Gross advances also increased to Rs836bn, up 7pc from six months ago.

Silkbank earnings rise 39pc

Silkbank announced earnings of Rs478m for January-July, showing a growth of 39pc year-on-year.

Net interest income and non-interest income registered a growth of 28pc and 60pc, respectively, in the second quarter on an annual basis.

The bank’s deposit base exceeded Rs100bn for the first time, showing an overall growth of 20pc over last year.

IMC income grows 13pc

Indus Motor Company reported a net profit of Rs13bn for 2016-17, up 13pc from a year ago.

The company also announced a final dividend of Rs35 per share, taking the total payout to Rs115 per share.

It achieved market share of 28pc with total sales of 60,586 units, down 6pc from last year.

Demand for automobiles re­­mained strong due to positive consumer sentiments, stable economic environment, availability of reasonably priced auto finance and infrastructure spending by the government, which provided a boost to the entire industry, a press release said.

It enabled the company to post record revenue of Rs112bn, up 3pc from last year.

The improved business performance is mainly attributable to the change in sales mix, substantial improvement in trading business and the launch of second-generation Toyota Fortuner and eighth-generation Toyota Hilux Revo.

Published in Dawn, August 25th, 2017

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