KARACHI: NIB Bank has made a profit of Rs 422.199 million in the first quarter of 2014 which is 34 percent lesser than the profits earning of Rs 644.525 million, the financial results announced on Wednesday stated.
The bank posted paltry declines in revenue earning by 2 percent in the first quarter of 2014 as it revenue stood at Rs 1.843 billion compared with last year’s revenue earning of Rs 1.879 billion.
The bank did not maintain growth in the profits despite it recorded growth in net interest income, a major revenue avenue, however its interest and administrative expenses have contracted its profitability significantly.
NIB Bank’s earning from interest margin declined by 3.8 percent after its expenses. The overall earnings through interest including expenses stood at Rs 859 million in the first quarter of 2014 as compared with Rs 893 million reported in the first quarter of 2013
NIB Bank focused on improving its non-markup income proportion and registered a growth of 33% over corresponding period of last year. The non-markup avenues stood at Rs 493 million through gain on securities, brokerage fees and commissions.
The administrative expense increased to Rs 1.423 billion in 1Q2014 as compared with Rs 1.334 billion in the same period of last calendar year.
The bank did not announce any bonus share or cash dividends at the end of first quarter. Earnings per share (EPS) for the period came to Rs. 0.03.
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