National Bank of Pakistan posts EPS: Rs12.28 for 9MCY20

National Bank of Pakistan (NBP) has reported profit after tax of Rs26.2 billion (EPS: Rs12.28) for 9MCY20 as against Rs16.6 billion (EPS: R7.80) for the same period last year. The earnings came in above market expectation.

For 3Q rCY20, earnings were reported at Rs5.2/share, flat QoQ. Deviation from market expectation was due to lower than expected provisioning costs and greater realized gains.

Gross yield of the Bank improved to 51.7% for 3QCY20 as compared to 44.0% for the previous quarter, lending assistance in stabilizing Net Interest Income (NII) on a sequential basis.

Non-funded income contribution in total income was recorded at 23.7%, down QoQ primarily as fee income undergoes seasonal decline and FX income remaining subpar, down 64.3%QoQ, partially countered by capital gains.

Effective tax rate came to 38.0% for 3QCY20 as compared to 24.5% for the earlier quarter.

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