KARACHI – After tax profit increased to Rs 11.8 billion higher from last year by 4pc. Earning per share stands at Rs. 6.38 compare to Rs. 6.16 of corresponding period last year. Pre-tax return on equity stands at 20.2pc with pre-tax return on assets at 2.0pc. Bank’s net interest income in line with the banking sector was impacted due to reduction in discount rate by 200 bps last year, and 150 bps in August 2012 as well as increase in minimum profit rate on deposits to 6pc effective from May 2012. Despite this impact was to a certain extent offset through recoveries and balance sheet growth. Non interest markup income increased by Rs. 2.7 billion or 20.5pc compared to corresponding period last year mainly because of higher dividend and capital gains due to higher portfolio size, says a press release. Expenses increased by 14pc in line with inflation related salary increases and other overhead costs. Provision charge against advances show a reduction of Rs 929 million or 17pc mainly on account of lower fresh accretion and restructuring of certain corporate loans. Provision against investments shows reduction compared to corresponding period last year by Rs. 1,370 million or 76pc mainly due to lower impairment loss against shares. Deposits compare to September 2011 are higher by Rs. 91 billion. The bank continued to replace high cost deposits with low cost deposits, due to which term deposits declined by Rs. 56 billion resulting in deposit reduction of Rs. 38 billion from December 2011. The bank is focusing on low risk gold and agriculture loans and have increased its portfolio by 23pc in the segment during the year.