The 73rd Annual General Meeting of the National Bank was held in Karachi on Wednesday (today).
The cash dividend of Rs. 1 per share recommended by the National Bank of Pakistan on March 8, 2022, could not be declared in the bank’s Annual General Meeting (AGM) held on Wednesday as it is still under the process of approval by the federal government, the bank’s filing to PSX showed.
The filing further said that the recommended dividend of Rs. 1 per share i.e. 10 percent by NBP is subject to the approvals of the federal government under section 17 of the Banks (Nationalization) Act, 1974 and the State Bank of Pakistan.
It further said that the bank has applied for the requisite approvals that are under process. The matter will be placed before the shareholders in General Meeting once the said approvals are received.
The management of the National Bank of Pakistan has also paid off a penalty of Rs. 9.8 billion to the US authorities. Despite the civil penalty of Rs. 9.8 billion imposed on the bank’s US operations, profit before tax amounted to Rs. 52.9 billion which is the highest ever in the history of the bank, according to an official statement.
Due to the civil penalty, profit after tax closed at Rs. 28.0 billion reflecting a year-over-year (YoY) drop of 8 percent.
The 73rd Annual General Meeting of the National Bank was held in Karachi on Wednesday. The meeting was attended by Chairman Zubyr Soomro and President Arif Usmani along with other Directors and senior management of the bank as well as a large number of the shareholders.
