ISLAMABAD: National Bank of Pakistan (NBP) failed to recover loan amounting to Rs 23.35 billion from sugar mills, citing audit report.

As per details, report compiled by Auditor General of Pakistan revealed NBP failed to recover loan amount of Rs 23.35 billion in FY2023-24. Report said that Bank, lent Rs 15.28 billion to sugar mills in 2022 which was due with interest of Rs 8.6 billion in FY2023-24, but Bank failed to recover amount. NBP posted non-recoverable amount of Rs 23.35 billion into losses, which shows 'critical' negligence of financial institution, report read.  "NBP failed to comply with SBP policies". Meanwhile, report also stated that Bank administration is trying to recover outstanding amount. Separately, National Bank of Pakistan registered massive consolidated loss to tune of Rs 8.98 billion during quarter ended June 30, 2024. Bank had registered profit after tax of Rs 15.85 billion in same period of preceding year. As per notice sent to Pakistan Stock Exchange on Thursday, NBP's loss per share (LPS) stood in at Rs 4.28 in 2QCY24, as compared to earnings per share (EPS) of Rs 7.42 in same period last year.