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TRADE CHRONICLE<br />
Banking & Insurance News<br />
NBP posts Rs8.5bn preprovision<br />
profit in Q1<br />
The Board of Directors of National<br />
Bank of Pakistan (NBP) has<br />
approved the financial statements of<br />
the bank for the three months period<br />
ended March 31, <strong>2015</strong>.<br />
The bank in first quarter of <strong>2015</strong><br />
recorded pre-provision profit of Rs<br />
8.5 billion, an increase of 57 percent<br />
from comparative period last year.<br />
Pre-tax profit amounted to Rs 5 billion<br />
which is higher by 14 percent from<br />
the corresponding period last year.<br />
After tax profit stood at Rs 3.3 billion<br />
as compared to Rs 3.1 billion for the<br />
same period last year showing an<br />
increase of 4.2 percent. Despite<br />
reduction in interest rates, net interest<br />
income increased from Rs 8.6 billion<br />
in first quarter of 2014 to Rs 10.5<br />
billion in <strong>2015</strong> reflecting an increase<br />
of 21 percent due to increase in<br />
balance sheet size. Non-interest<br />
income is Rs 8.4 billion, higher by Rs<br />
4.3 billion or 29 percent.<br />
Compared to March 2014, deposits<br />
have increased by around 12 percent,<br />
while advances marginally increased<br />
by 0.4 percent. From December<br />
2014, advances have declined by 2.9<br />
percent mainly due to seasonal<br />
adjustments. The bank is focusing on<br />
reducing the non-performing loans<br />
through restructuring. The bank is<br />
strongly capitalized with capital and<br />
reserves of Rs 166.8 billion, which<br />
translates into break- up value per<br />
share of Rs.78/- per share.<br />
Core Banking Application (CBA)<br />
rollout in 1,100 plus remaining<br />
NBP branches is under<br />
implementation in <strong>2015</strong> to utilize<br />
maximum benefit of automation<br />
and facilitating NBP customers<br />
with enhanced services. This year<br />
we have converted 180 additional<br />
branches on CBA taking total<br />
branches on the new platform at<br />
453. The bank plans to add 1,000<br />
ATMs to its network by <strong>2015</strong>, out<br />
of which 250 ATM project is under<br />
implementation and remaining 750<br />
ATMs are planned to be installed<br />
by the end of <strong>2015</strong>.<br />
Group Chief Mr. Khalid<br />
bin Shaheen of NBP’s<br />
visits NPC, Islamabad.<br />
National bank of Pakistan is<br />
supportive of the endeavors that shall<br />
be undertaken for the welfare and<br />
professional advancement of<br />
Pakistani journalists and will keep up<br />
with this commitment in future as well.<br />
These sentiments were expressed by<br />
the Group Chief of National Bank of<br />
Pakistan Mr. Khalid bin Shaheen<br />
during his recent visit to National<br />
Press Club, Islamabad. On this<br />
occasion, National Bank of Pakistan<br />
also presented the National Press<br />
Club with 10 computers and a printer<br />
for their computer lab. The delegation<br />
of NBP was led by group chief,<br />
Khalid bin Shaheen who was also<br />
accompanied by divisional head<br />
Nabeel Saeed, vice president Syed<br />
President National Press Club, Shehryar Khan while presenting a shield of<br />
appreciation to Group Chief Natinal Bank of Pakistan during his recent visit to<br />
the Press Club. Club Secretary Tariq Mehmood was also present on the occasion.<br />
Ibn-e-Hasan, manager media &<br />
corporate communications Abbas<br />
Jatoi and Mehtab Siddiqui.<br />
Speaking on the occasion, group chief<br />
of NBP Khalid bin Shaheen said, “We<br />
applaud the endeavors undertaken by<br />
National Press Club to ensure the<br />
welfare and professional well-being of<br />
journalists. National Bank of Pakistan<br />
will continue to cooperate with<br />
National Press Club for their initiatives<br />
as it has been in the past and will<br />
continue to do so in future as well.”<br />
<strong>Trade</strong> <strong>Chronicle</strong> - <strong>May</strong> - <strong>June</strong> <strong>2015</strong> - Page # 38