NBP's pre-tax profit increased by 211 percent

12:55 PM | 26 May, 2015
NBP's pre-tax profit increased by 211 percent
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ISLAMABAD (APP) - The National Bank of Pakistan (NBP)'s profit before tax increased by 211 % in 2014 and stood at Rs 22 billion.

Profit after tax increased by 173% from Rs 5.5 billion in year 2013 to Rs 15 billion in year 2014, the Spokesman of NBP Syed Ibne-Hassan in a statement issued here said.

He added that earnings per share were Rs 7.06 in year 2014 as against Rs. 2.59 of 2013, an increase of 173%, and the bank paid cash dividend of Rs.5.5 per share (55%) for the year ended December 31, 2014.

The Spokesman further said that bank managed to address challenges faced in 2013, which resulted in increase in profit in the year 2014.

Highlighting the main focus areas, he said that focus were made on recoveries to bring down non-performing loans including PSEs, building liability team to procure low cost deposit and increase in average deposit per account, Introducing new products for current and saving accounts, upgrading IT Infrastructure, bringing improvement in customer services, branchless banking, increase in ATM network and the strengthening internal controls and compliance function.

Pondering on the hey achievements in 2014, Mr. Hassan said that Largest agriculture portfolio amongst commercial banks in the country (around 23% of the banking industry), largest consumer portfolio in banking industry (over 30% of the banking industry), conversion of 1st branch from conventional to Islamic in 2014, commencement of due diligence to acquire Burj Bank (an Islamic Bank) as a separate subsidiary and installation of new high end servers with higher capacity and faster speed.

The other achievements of the bank, he said were set target to expand ATM network up to 1,000 by Dec 2015, installation of 250 ATMs is in progress, started work on mobile banking, branchless banking, corporate internet banking and BPR/COSO projects, core Banking Application (CBA) rollout, to date over 450 branches were on CBA while remaining branches to be migrated in 2015,channelizing USD 1.5 billion (9.2% share of the country's remittances),automation of FBR collections and availability of Call Centre on 24/7 basis to facilitate customers.