Banks record profitability growth of 16% during CY22

By: News Desk
Published: 07:40 PM, 28 Feb, 2023
Banks record profitability growth of 16% during CY22
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Pakistan banks have posted a profit during the current financial year 2022-23 despite the fact that Pakistan is passing through its history worst inflation and political instability, 24NewsHD TV channel reported on Tuesday.  

The freefall in the value of the rupee against the US dollar has remained a major driver of growth in bank earnings.

Taking to Tweet, Shahid Ali Habib, Chief Executive Officer at Arif Habib Limited penned that Pakistan banks recorded profitability growth of 16% during CY22 despite economic headwinds & hefty taxation. 

Meezan bank led the league with profit after tax of PKR 44.9 bn posting an impressive growth of 59%.

Commercial sector banks appear to be out of the woods as they managed to reduce their bad loans and post record profits this fiscal year, a trend which is likely to continue in the coming months also.

The imposition of super tax with retrospect meant the after-tax profits were significantly down year-on-year, as the effective tax rate averaged 61 percent for the big-five, versus 41 percent in the same period last year.

NBP announced earnings (PAT) today for 4QCY22 at PKR 11.6bn (EPS: PKR 5.46), depicting an increase of 186% YoY | 66% QoQ (4QCY21 EPS: PKR 1.91). This jump in earnings during 4QCY22 was mainly led by higher total income.

Categories : Business, Latest