Karachi: In a major achievement, National Bank of Pakistan has converted its 1250 branches online out of its countrywide network of 1270 branches. In a short span of 10 months NBP’s IT Division was able to meet this uphill task set by Bank’s management.
It is worth mentioning here that NBP is present in the remotest areas of the country, where no other financial institution exists mainly due to commercial viability. With 98% branch network going online, people living in such remote areas will benefit the most.
Through online facility NBP customers holding an account at any online branch can deposit and withdraw cash from any of the 1000 online branches through inter branch transaction (IBT); Debit / ATM card can be issued to all customers of online branches; centralized account opening, Know Your Customer (KYC) and better control and compliance.
While appreciating the efforts of NBP’s IT Division, Qamar Hussain, President, NBP said that back in June 2012 we only had 250 branches online and it required a very industrious effort to bring that number to 1250.
Now NBP’s customers living rural and urban areas of the country will be able to benefit from online services alike.NBP has recently initiated a number of IT projects to make the bank one of the most technologically advanced financial institutions in the country. Currently the Bank is in the implementation phase of Core Banking System which is one of the largest IT projects in Pakistan and covers all the banking functions.
Board of Directors of National Bank of Pakistan in their meeting at the Bank’s Head Office Karachi approved the Financial Statements of the Bank for the three months period ended March 31, 2012.The bank recorded after tax profit of Rs. 4,645 million, higher by Rs. 425 million or 10.1% from the corresponding period last year.. Earnings per share is at Rs. 2.76 compared to Rs. 2.51 per share for corresponding period last year. Pre tax return on equity stands at 25.6% whereas pre tax return on assets is at 2.4%.
The Bank’s net interest income was impacted by reduction in SBP discount rate announced in the last quarter of 2011, however this was partially offset by an increase in average balance sheet size compared to corresponding period last year. Non interest markup income increased by Rs. 271 million or 7.4% compared to the corresponding period last year.
Provision charge was lower due to better recoveries against advances and reversal of provision against investment due to higher KSE index. Deposits compared to March 2011, increased by Rs.116 billion whereas compared to December 2011there is a decline of Rs. 52.4 billion mainly due to shedding off expensive deposits in line with the bank’s strategy.
Advances increased by Rs. 17.7 billion compared to year end December 2011.NBP will continue to focus on increasing low cost deposits, improvement in the quality of assets and further diversification of its products, markets and revenue streams to further strengthen its profitability growth.
For more information, contact:
Ali Ahmed Zaib
National Bank of Pakistan
Marketing PR and Media Department
Head Office, I.I. Chundrigar Road, Karachi.