Karachi: The 69th Annual General Meeting of National Bank of Pakistan was held at a local hotel in Karachi on Thursday, March 29, 2018.
President of the Bank, Saeed Ahmed chaired the meeting. The meeting was well attended by the shareholders who approved the Annual Financial Statements – 2017.
The shareholders were apprised that the Bank has reported the highest after-tax profit in its 69 years history. After-tax profit for the year amounted to Rs. 23.03 billion i.e. 1.2% higher against Rs. 22.75 billion for 2016. This translates into highest ever earnings per share of Rs. 10.82 (2016: Rs. 10.69). Bank’s pre-tax profit amounted to Rs. 35.6 billion i.e. 4.1% lower against Rs. 37.1 billion for prior year. Bank’s total assets amounted to Rs. 2,370 billion depicting a 20 % growth YoY. Banks’s gross advances and investments amounted to Rs. 857 billion and Rs. 1,296 billion respectively; whereas deposits amounted to Rs. 1,727 billion.
The Chairman apprised the Shareholders that the Bank has filed a review petition against judgement of the Supreme Court of Pakistan in the pension case, and has also moved an application for constitution of a larger bench which has been accepted. The Bank looks forward to a favourable outcome of the case.
The shareholders were also informed that the Bank is expanding its market outreach by adopting modern-day delivery channels, and has recently established a Payment Services & Digital Banking Group and a Service Quality Group to bring innovation and to promote service culture.
The Bank has also recently restructured its Commercial & Retail Banking group, empowering the Regional & field management teams and giving them distinct business targets to achieve better results.
The shareholders after deliberations, unanimously, approved all items on the Agenda of the meeting.