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Tuesday, November 28, 2023

NBP declares half-yearly profit as NBP Funds inaugurates new Islamic savings centre

News Desk |

The National Bank of Pakistan (NBP) has declared a half-yearly profit for the period July to December 2018, on deposits of Profit/Loss Sharing, NIDA, Term Deposits, Premium Aamdani Certificates, NBP PLS Plus Term Deposit Certificate and NBP Premium Saver Accounts. The NBP has paid 4.50% percent profit, 5.50 percent, 6.50 percent, and 8 percent profit, respectively on saving and NIDA accounts for the different period from July to December 2018.

Similarly, for the term deposits, the bank has paid 4.5% – 9.8% profit depending on the maturity of the accounts that ranged from three months, six months, one year, two years, three years, four years and five years. National Bank of Pakistan has paid the highest rate of profit on term deposits having more than five years’ maturity period. The maximum rate of profit for such deposits was 9.80 percent per annum.

NBP Fund Management Limited (NBP Funds) is a Non-Banking Finance Company with a license to perform the Asset Management and Investment Advisory Services. 

Meanwhile, NBP has paid 6.65 percent, 7.80 percent, and 9 percent profit on NBP Premium Aamdani Certificate for one year maturity period while the certificates having two years to five years attracted the higher rate of return in 2018. The bank has paid the highest profit of 12 percent per annum on NBP Premium Aamdani Certificates in 2018 for five-year maturity.

The bank also paid annual profit rates with payment at maturity on NBP PLS Plus Term Deposit Certificate. The investment in NBP’s certificates ranged from 0.5 million to five billion rupees with one year to 10 years maturity period. The certificates with 10 years maturity attracted the highest rate of return of 11.80 percent, 15.50 percent and 18.50 percent for different periods of time from July-December 2018. It was the highest amount of profit that the National Bank of Pakistan has paid to deposits having 0.50 million to five billion rupees deposits.

Read more: NBP aims to extend community service across Pakistan

However, as per product policy, NBP announced 5.50 percent to 9 percent profit for the NBP Premium Saver Accounts having deposits up to one million rupees while deposits having more amount than one million rupees received 4.50 percent to 8 percent profit depending on their maturity timeframe.

Meanwhile, the NBP Funds Management Limited (NBP Funds) inaugurated its 20th Islamic saving center in Block H North Nazimabad, Karachi on January 22. On the occasion of the inauguration, NBP Funds CEO Dr. Amjad Waheed said investors in North Nazimabad can now invest in their retirement, along with their children’s education and marriage. Waheed also said mutual funds play a central role in improving savings and percentage of profit in the country.

Read more: National Bank of Pakistan extends itself to Central Asia

NBP Fund Management Limited (NBP Funds) is a Non-Banking Finance Company with a license to perform the Asset Management and Investment Advisory Services. The main sponsors of NBP Funds are National Bank of Pakistan and Baltoro Growth Fund. NBP Fund’s main area of business is Investment Management; more specifically floating and managing mutual funds and pension funds, providing investment advisory, discretionary and non-discretionary portfolio management services.