KARACHI: The state-owned National Bank of Pakistan (NBP) is determined to raise financing available to public and private sectors with the objective of increasing its participation in the growing local economy.
“NBP is for increasing its share (of services and financing) in the economic growth,” NBP President and CEO Tariq Jamali said in his maiden interaction with the press and media after recently assuming the position.
NBP has remained a premier commercial bank. However, its prime job is to play a vital role in the state and nation’s building by providing financing and creating job opportunities, he said.
“The bank has already provided notable financing to the housing sector over the years under its flagship project ‘Saibaan’,” he stressed. “Besides, it is ready to extend subsidised housing loans for the PM-announced low-cost five million housing units in the country.” Jamali, who has remained part of the bank for the last 30 years, further stated that NBP would start providing low-cost financing once the government signals it.
He added that the bank is making hefty investment in the IT sector to fully adopt IT-based banking, as it is playing a unique role in the financial inclusion of the unbanked people. He said the bank is aimed at improving the quality of services to customers through investing in human resource capacity building.
The bank had provided total financing of Rs856.9 billion to various sectors of the economy by December 2017, according to its annual report 2017.
Production and transmission of energy sector stood as the single largest loan taker from the bank, as the sector carried Rs195.99 billion financing, which translates to 23% of the total financing portfolio of NBP.
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Individuals stood on second position among loan acquirers, as they borrowed Rs136.82 billion, which comes to 16% of the total loan portfolio. They are followed by textile, metal products, transportation and agriculture sectors and many more sectors.
(This news/article originally appeared in The Express Tribune on September 18th, 2018)