NBP Faces Rs23.35B Loss in FY2023-24 Non-Recovery of Sugar Mill Loans Cited
As per details, the report compiled by the Auditor General of Pakistan revealed that NBP failed to recover the loan amount of Rs23.35 billion in FY2023-24.
The report stated the bank, lent Rs15.28 bln to the sugar mills in 2022 which was due with interest of Rs8.6bln in FY2023-24, but the bank failed to recover the amount.
The NBP posted the non-recoverable amount of Rs23.35 bln into losses, which shows the ‘critical’ negligence of the financial institution, the report read.
Interviews for NBP president halted Sources
“NBP failed to comply with the SBP policies”.
Meanwhile, the report also stated that the bank administration is trying to recover the outstanding amount.
Separately, the National Bank of Pakistan (NBP), registered a massive consolidated loss to the tune of Rs8.98 billion during the quarter that ended June 30, 2024.
The bank had registered a profit after tax of Rs15.85 billion in the same period of the preceding year.
As per a notice sent to the Pakistan Stock Exchange (PSX) on Thursday, NBP’s loss per share (LPS) stood at Rs4.28 in 2QCY24, as compared to earnings per share (EPS) of Rs7.42 in the same period last year.
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