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
