National Bank of Pakistan

In an improved banking environment, National Bank of Pakistan (NBP) outperformed its main rivals and posted the highest ever pre-tax profits in the country’s financial sector to win the bank of the year award. On the back of new consumer finance products, such as NBP Advance salary, National Bank achieved a 49% increase in pre-tax profits to reach Rs9bn ($159m), which amounted to a highly commendable 55.6% return on equity. While all the major banks performed well, NBP managed – through several key initiatives in technology and product development – to boost profits as well as improve its cost/income ratio to 38% and lower its non-performing loan ratio to 8.0%. Besides the growth in demand for retail/consumer products, the bank’s 10m customer base has helped growth in key areas such as the financing of SMEs and agriculture. And this year, further growth is expected in new areas such as debit cards, internet banking, call centres and mobile banking. Chairman and CEO S Ali Reza says: “2003 saw National Bank of Pakistan post the highest ever pre-tax profit for Pakistan’s financial sector. We attribute this to the repositioning of the bank by management through several key iniatives in areas of new product development, technology and ugrading the human resource base.”

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