KARACHI (PR): NIB Bank announced financial results for the Q1 2013. Importantly, the Bank has posted a Q1 2013 revenue of Rs 1.42 billion, representing not only a 21pc growth over Q1 2012 but an impressive revenue growth in the last five quarters. This translated into a record profit before tax of Rs 549 million, compared to a loss before tax of Rs. 98 million in Q1 2012.

Profit before tax of Rs. 549 million as against loss before tax of Rs. 98 million in Q1 2012.

 Total revenue increased by 21pc to Rs1.42 billion. Net interest income increased by 53pc. Non-funded income increased by 24pc (excluding the impact of subsidiary dividends in Q1 2012).

Expenses increased by only 2pc. Provision charge reduced by Rs 313 million and provision reversals have also increased by Rs. 214 million, aggregating to a swing of Rs 527 million in net credit provisioning between the two first quarters.