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National Bank registers 94 percent profit in first quarter

KARACHI (May 17 2003) : National Bank of Pakistan Ltd (NBP), the nation's largest bank, registered first quarter profit of 94.8 percent as new loans rose on account of falling interest rates, analysts said.

Profit rose to Rs 561 million in the three months ended March 31, from Rs 288 million a year earlier, the Bank said in an announcement to the Karachi Stock Exchange.

The earning per share of the Bank rose to 1.50 rupees, up from 0.77 rupee a year earlier, the Bank said.

“New loans for car and agriculture sector, workforce cuts and shutting down of loss-making branches boosted profit,” analysts said.

Pakistan last year sold 20 percent of the government's stake in National Bank of Pakistan through stock exchange.

Pakistan now holds 80 percent of the Bank. Privatisation Commission, the authority in charge of asset sale intends to sell more shares in Bank in the next fiscal year starting from July 1.

The Bank's share rose 0.05 rupee, to Rs 26.05 rupees on the Karachi Stock Exchange on Friday.

The Bank's first quarter account in millions of rupees.

======================================================                     Jan-March   Jan- March   Change(pc)  ======================================================  Revenue                3,527        3,205        10.05  Admin Expenses         2,016        1,825        10.46  Profit before tax      1,054          934        12.85  Profit after tax         561          288        94.79  ======================================================
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