Wednesday, October 28, 2020

National Bank declares Rs 2 EPS

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Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

NBP announced earnings on Wednesday for 1QCY19 at PKR 4.3bn (EPS: PKR 2.00), depicting a YoY decline of 16% and sequential uptick of 12%.

An additional super tax was booked this quarter dampening profitability. PBT has seen a 13% YoY/35% QoQ surge.

NII of the bank settled at PKR 15.6bn, increasing by an impressive 10% YoY. However the bank’s NII declined 9% QoQ which we attribute to a seasonal trend observed for NBP which usually shows an NII downturn during 1Q and 3Q of the year.

NFI saw a 35% YoY uptick led by a 3.2x and 5.4x uptick in dividend income and FX income respectively. On a sequential basis lower capital gains (-86% QoQ) and lower fee income (-31% QoQ) were the culprits behind a 38% QoQ decline in NFI.

The bank continued to book heavy provisioning expenses – PKR 2.2bn during 1QCY19. However this is 66% lower QoQ.

OPEX clocked-in at PKR 13.3bn, increasing minutely by 3% YoY whilst declining 26% QoQ..

Effective tax rate for 1QCY19 was 52% compared to 35% in SPLY.

Read also: Arif Usmani appointed as President NBP, letter issued

Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]
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