Here’s How Much Profit Banks Made in Q1 2021
Pakistani listed banks reported an increase of 31 percent year on year (or Rs. 15.2 billion) in profits during 1Q2021 to reach Rs. 64.4 billion. The same is up by 32 percent quarter on quarter during the quarter, as shown by a report issued by the Brokerage House Topline Securities on Tuesday.
Aided by strong deposit growth of 18 percent YoY, the net interest income (NII) of banks recorded an increase of seven percent YoY (or Rs. 11.4 billion) in spite of a sharp decline in interest rates. However, NII reported a decline of two percent QoQ as the repricing of assets reached completion.
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