LAHORE – The National Bank of Pakistan has announced its 9MCY12 financial results. The result is inline with expectations as the bank has reported PAT of Rs11.81b, translating into an EPS of Rs6.38 as against PAT of Rs11.40b in the same period preceding year, depicting a meager growth of 4 per cent YoY. In experts view key movers and shakers of the results were 1) interest income grew by 8pc YoY just on account of higher earnings assets, 2) massive increase in interest expense of 22pc owing to higher deposits and cost on same, 3) an augment of 32pc YoY in provision expense.and 4) growth of 21 per cent YoY in non interest income attributable to higher dividend income and capital gain on securities. In terms of quarterly results, the bank posted PAT of Rs 3.61b [EPS of Rs1.95] in 3QCY12 as against PAT of Rs3.57b in the previous quarter, registering a decline of 14 per cent QoQ due to higher interest expense and lower non interest income. Based on current market price, NBP is trading at CY12 and CY13 prospective PE of 5.0x and 4.6x and a prospective PBV of 0.6x respectively.