Karachi October 30 2024: The National Bank of Pakistan reported a profit of PKR 8.8 billion for the quarter ending in September, marking a 27% decline from the PKR 12.2 billion posted in the same period last year, according to the bank’s filing with the exchange.
Following the announcement, the bank’s share price dropped by PKR 0.82, or 1.2%, on the Pakistan Stock Exchange.
The bank recorded a substantial gain of PKR 9.3 billion from securities sales, which exceeded its overall profit for the quarter. This included a PKR 5.8 billion gain from the sale of its stake in United National Bank Limited (UNBL‐UK).
Under a joint venture agreement, the bank previously held 20.25 million (45%) ordinary shares in UNBL‐UK. The sale of the entire shareholding in UNBL‐UK was completed during the quarter, with all regulatory approvals received by July 1, 2024. The carrying value of the asset held for sale was PKR 2.36 billion, and the total proceeds amounted to PKR 8.1 billion.
Net mark-up income fell to PKR 33.4 billion for the quarter, down from PKR 47.4 billion in the same period last year.
