National Bank of Pakistan – Result Review 1HCY11
National Bank of Pakistan Half Year 2011 Results
On a consolidated basis, National Bank of Pakistan (NBP) has recorded lower than expected 1HCY11 results. In this regard, National Bank of Pakistan has posted NPAT of PkR8,133mn (EPS:PkR4.84) in 1HCY11, representing an earnings growth of just 3%YoY.
On a sequential basis, National Bank of Pakistan has posted an earnings decline of 10%QoQ to reach NPAT of PkR3,859mn (EPS:PkR2.29) in 2QCY1. No payouts were announced alongside the result. The National Bank of Pakistan result was below our expected NPAT of PkR8,682mn (EPS:PkR5.16) primarily due to higher than expected provisions and admin. expenses.
Key highlights of the National Bank of Pakistan consolidated result include: 1) 10%YoY growth in net mark-up income, 2) a significant 38%YoY growth in total provisions driven by 61%YoY higher loan provisions along with stubborn impairment charges, 3) robust 20%YoY growth in non-interest income and 4) 15%YoY growth in non-interest expenses.
| PkR(million) |
1HCY11A |
1HCY10A |
|
| Mark-up earned |
47,112 |
43,605 |
|
| Mark-up expensed |
24,250 |
22,728 |
|
| Net mark-up income |
22,862 |
20,877 |
|
| Total Provisions |
6,136 |
4,459 |
|
| Net interest income |
16,726 |
16,418 |
|
| Non interest income |
10,050 |
8,347 |
|
| Total Income |
26,776 |
24,765 |
|
| Non mark-up expenses |
15,063 |
13,056 |
|
| Profit before taxation |
11,713 |
11,710 |
|
| Total taxation |
3,580 |
3,831 |
|
| Profit after taxation |
8,133 |
7,879 |
|
| EPS |
4.84 |
4.68 |
|
Burj Capital Pakistan
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