KARACHI – National Bank of Pakistan held its 64th Annual General Meeting. The meeting was well attended by the shareholders with the presence of President & CEO, Dr. Asif A. Brohi and members Board, Shahid Aziz Siddiqui and Tariq Kirmani. The President NBP Dr. Asif A. Brohi highlighted the Bank’s performance during the year including the initiatives taken by the management as well as the challenges being faced. The President highlighted the fact that central bank reduced its policy rate by 250 bps in 2012 making total reduction of 450 bps in the last 15 months. The State Bank of Pakistan increased the minimum profit rate on deposit from 5pc to 6pc. Due to these factors the bank’s interest margin like all other banks remained under pressure. This reduction was partially offset through volume growth and improving deposit mix. After tax profit stood at Rs 16.2 billion, consequent to the adjustment in discount rate. Total assets of the bank increased to Rs.1.31 trillion at the year end, up by 14pc from year end 2011, an appreciable growth given the competition and growth in overall banking sector. The bank’s total deposits increased by Rs. 110 billion or 12pc.

The President spoke of growth in bank’s deposit, advances and asset base explaining the bank’s focused strategy on increasing its CASA deposits, reduction of non-performing loans, growth in balance sheet size and expense management.