People’s Money

People’s Bank and National Savings Bank (NSB) reported higher earnings for the first nine months despite the government slapping special levies on both institutions. People’s Bank and National Savings Bank (NSB) reported higher earnings for the first nine months despite the government slapping special levies on both institutions. NSB had forked out a billion rupees while undercapitalized People’s Bank had also paid Rs. 100 million.

NSB reported profits of Rs. 1.3 billion after paying a billion rupees to the Treasury as a special levy.

That’s after providing or paying over Rs. 1.2 billion in VAT and corporate tax.

The government owned savings bank could end up paying up to Rs. 2.5 billion to the government in taxes and levies by the financial year-end.

NSB however is profitable despite the sharp fall in risk free rates over the last.

The bank invests the low cost savings it raises through a network of branches and post offices in mostly government securities.

However the bank has been lending in the housing market and for the first time has made a Rs. 77 million provision for loan losses.

Under capitalized People’s Bank has also been