MCB announces dividend of Rs5 per share for 3QCY22

October 27, 2022 (MLN): The board of directors of MCB Bank Limited (MCB) has announced a dividend of Rs5 per share which is 50% for the third quarter that ended on September 2022.

This is in addition to an interim dividend already paid at Rs9 per share i.e., 90%.

In 9MCY22, the after-tax profits decreased by 10.01% to Rs20.67 billion as compared to Rs22.97bn in the same period last year (SPLY).

The decline was mainly due to a sharp rise in taxation, which mounted by 103.40% YoY to clock in at Rs33.10bn as compared to Rs16.27bn in SPLY.

Accordingly, the earnings per share of the bank declined to Rs17.40 from Rs19.29.

In 9MCY22, MCB markup interest earnings moved up by 58.48% to stand at Rs153bn against Rs96.77bn last year, and net interest income stood at Rs67.24bn, 31.72% YoY higher than Rs51.05bn in SPLY.

However, Markup expenses moved up by 88.35% YoY to Rs86.11bn during this period.

According to the report, aggregate non-mark-up income increased by 38.33% YoY mainly due to higher foreign exchange income surging by 250.25% YoY. On the other hand, gain on securities and other income decreased by 122.2%, and 77.10% YoY.

On the cost front, operating expenses and the workers' welfare fund increased by 17.02% YoY and 37.91% YoY respectively.

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