Banking sector profit up

KARACHI: The banking sector registered a growth of 42 percent in net profit during the first nine months of 2011 to Rs. 75.67 billion against Rs. 53.11 billion in the corresponding months last year, according to a report released by Invest & Finance Securities Ltd on Tuesday.

The report attributed the growth to strong net interest income of the banking sector, which grew by 18 percent year-on-year and 17 percent Y-o-Y in the non-interest income. The report also attributed it to the overall profitability, which boosted from lower provisioning against the non-performing loans (NPLs), as well, which came down by 15 percent.

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