National Bank of Pakistan (NBP) held its 62nd Annual General Meeting at a local hotel here on Wednesday March 30th, 2011. The meeting was well attended by the share holders and the senior executives from the Bank. The share holders approved dividend payout of 75 percent cash dividend (Rs 7.50/- per share) and 25 percent bonus shares as recommended in the Board of Director's meeting held on March 1, 2011.
The President, on acting charge basis, Qamar Hussain welcomed the share holders to the 62nd Annual General Meeting of the Bank. On behalf of the bank's management and the Board of Directors he appreciated the efforts and contribution made by the former President S Ali Raza during his tenure of 10 1/2 years as president of the National Bank of Pakistan. He then requested the financial controller to give an overview of the bank's financial performance of 2010.
The Bank's Financial Controller highlighted the key successes that the bank has achieved during the year despite the various challenges that the Pakistani economy had to face due to the devastating floods, growing inflationary pressure and widening of fiscal deficit. He informed the share holders that Alhamdulilallah NBP became the first Pakistani Bank to surpass the 'Rs 1 trillion benchmark' with an impressive increase in deposits of Rs 105 billion or 14 percent. Advances remained at the same level as year 2009 and this is in line with the industry trend. The Bank 's Capital and Reserves increased from Rs 119 billion to Rs 128 billion the highest amongst all Pakistani banks.
The Bank posted a Pre-tax profit of Rs 24.4 billion, which is 15 percent higher from Rs 21.3 billion in 2009. The increase is owing to higher core revenues and lower provision charge. Net interest income increased by 15 percent from last year, while fee income was up by 8 percent on account of higher trade finance and general banking income. After tax profit, remained at last year level of Rs 17.6 billion due to prior year's tax reversal of Rs 4.1 billion in 2009. EPS for the year was Rs 13.05, which is at the same level as year 2009.
Financial Controller also highlighted the growth that the bank have achieved over the last five years in terms of deposits, advances, assets and profit. He mentioned that compared to other banks in Pakistan NBP is at number one in terms of total assets, deposits, capital and reserves and after tax profit. The President, on acting charge basis, highlighted the future strategies of the bank which include reduction in NPLs, focus on low cost deposits, increase in fee based income and technology up gradation. He explained that a number of projects are under way at the bank to upgrade the IT infrastructure of the Bank.-PR
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