KARACHI: National Bank of Pakistan (NBP) posted a consolidated profit of Rs28.76 billion in 2021, down six per cent from the preceding calendar year.

A stock filing on Tuesday said the bank’s net income for October-December clocked in at Rs4.12bn, down 45.8pc and 6.5pc on quarterly and yearly bases, respectively.

Along with the financial result, the bank also announced a dividend of Re1 per share — a first since 2016, according to a note released by AKD Securities.

“While we await clarity on the one-off expense of Rs9.8bn booked under extraordinary expense, the charge may potentially be against a $55 million fine on NBP’s US branch by the US federal authorities,” the brokerage said while referring to the unexplained item on the profit-and-loss statement of the bank that dented its profitability in the last quarter.

Its share price declined 7.11pc to Rs30.59 a share on Tuesday.

Summit Bank posts Rs2.9bn loss

Summit Bank Ltd reported a loss of Rs2.91bn for 2021 versus a loss of Rs6.93bn a year ago.

According to a stock notice on Tuesday, the bank’s total income in the 12-month per­iod under review increased 206pc to Rs270m while it man­­aged to keep its non-markup expenses largely in control year-on-year.

It’s one of the two banks that lack capital adequacy as per the SBP’s criteria. Its board of directors has agreed to sell at least 51pc controlling interest to a UAE-based investor.

The bank’s share price decreased 1.67pc to Rs2.35 apiece on Tuesday.

Philip Morris profit up 30.7pc

Philip Morris Pakistan Ltd posted a net profit of Rs2.3bn for 2021, up 30.7pc from 2020.

The company released a stock notice on Tuesday that showed its annual revenue grew 5.2pc to Rs17.46bn.

Its share price dropped 0.07pc to Rs719.38 a share on the stock exchange.

Published in Dawn, March 9th, 2022