National Bank of Pakistan and Askari Bank have released their first quarter earnings and revenue reports. Askari bank did not do so well in the recently ended quarter while the National Bank reported a financially strong quarter this year.
The financial summaries of National Bank of Pakistan and Askari bank are listed below.
National Bank of Pakistan
According to the financial results, National Bank’s profit increased to Rs 4.20 billion in the first quarter (January to March) 2017 much higher than its profit of Rs 4.03 billion in the same period of last year.
Earnings per share increased to Rs 0.08 from Rs 1.90 last year and to Rs 1.98 this year. No right shares, cash dividend, and bonus have been announced by the bank in this quarter.
The growth in profitability depicted the improved performance of the bank with expansion in business and efficiency in operations.
Despite a flat Net Interest Income, net earnings of the National Bank were up 3% YoY. It was supported by higher capital gains that were up 62% and lower provisioning expense which was down to 91%. Non-markup expense was up 14% YoY to Rs 13.4 billion driven by higher admin expense. Capital gains during the quarter surged by 62% driven by the gain from equities.
Top provisions of the bank posted a 91% decline to Rs 79 million, mainly driven by recoveries.
NBP script gained +1.10% change on Friday to close at 62.90 in the first trading session of the day.
Askari Bank Limited reports only a Rs 0.01 increase in EPS compared to previous year’s quarterly result.
The bank has announced a net profit of Rs 1230.47 million for the quarter that ended in March 31, 2017. It booked a profit of 1222.93 million in the same quarter last year.
Earnings per share increased to Rs0.01 from Rs0.97 last year and to Rs 0.98 this year. The overall markup earned by the bank is Rs 8,663,709.
Askari Bank Limited reports only a Rs 0.01 increase in EPS compared to previous year’s quarter result. Askari Bank script gained Rs+1.76 and was closed at 19.92 at the intraday.
No cash dividend, bonus shares, and right shares have been announced by the bank.