Board of Director's of National Bank of Pakistan (NBP) in their meeting held on Thursday at the bank's Head Office Karachi approved the Financial statements of the Bank for the six months period ended June 30, 2011. The bank recorded pretax profit of Rs 11,659 million for the first half year 2011, which is at the same level as corresponding period last year.
Earnings per share stands at Rs 4.81 compared to Rs 4.65 of the corresponding period last year. Pre tax return on equity stands at 22.6 percent whereas pre tax return on assets is at 2.2 percent. Bank's net interest income increased by Rs 1,947 million or 9.4 percent from corresponding period last year. Non interest mark-up income increased by Rs 1,531 million or 18.4 percent compared to corresponding period last year as a result of higher fee income and compensation on tax refunds.
Administrative expenses increased by 12 percent, which is in line with inflation and salary increases. Deposits are at the same level as yearend December 2010. Compared to June 2010, increase in deposit is Rs 14 billion. Advances increased by Rs 26.0 billion compared to year end December 2010 mainly in corporate and agriculture sector. The bank is on track for its infrastructure upgradation project for online branches. The NBP will continue to focus on increasing low cost deposits, recoveries, improvement in the quality of assets, technology upgradation and expense management.-PR