Reflecting customer initiatives in both the corporate and retail sectors, NBP achieved record pre-tax profits of Rs12bn ($203m) in 2004, 33.5% up on the previous year and providing a strong 55.4% ROE.
It showed a healthy 16.5% growth in assets and an improving cost/income ratio of 39%, the lowest of the major banks.
NBP believes the strength of its 10 million customer base and the location of its domestic network will continue to enable it to capitalise on the opportunities in SMEs, retail and agricultural lending.
NBP chairman and president S Ali Raza says: “During 2004, NBP maintained its very strong financial performance. A number of new products in the area of retail banking, agriculture and financing for SMEs were introduced. The bank continued to make substantial investment in technology and upgrading its HR base. Going forward, the focus will be to market diversified asset products to its 10 million-plus account holders to maintain revenue momentum through higher fee and interest income.”
