NBP profit surges 115pc to Rs26bn

National Bank of Pakistan reported its profit after tax (PAT) surged by almost 115 per cent to Rs26 billion for the half-year ended on June 30 from Rs12.1bn in the same period last year. The bank posted a profit before tax of Rs47.7bn for the period, about 41pc higher than the same period of last year. With a 18.5pc year-on-year growth in its assets base, the bank achieved Rs6tr milestones in its balance sheet as its total assets reached Rs6.2tr from Rs5.2tr at the end of 2022. This makes NBP the largest bank in Pakistan in terms of total assets. Meanwhile, National Refinery Ltd (NRL) posted a loss of Rs4.4bn during the year ending on June 30 as compared to a profit of Rs9bn in the same period of 2022. Net revenue from contracts with the customers soared to Rs299bn from Rs252bn. By offering nil cash dividend, Fauji Cement Company Ltd earned PAT of Rs7.4bn in FY23 from Rs7.1bn in FY22 despite a retrospective increase in super tax rate to 10pc from 4pc having an impact of Rs1.98bn.