February 4, 2020 (MLN): MCB Bank has announced its financial results for the year ended on December 31, 2019, as per which it has reported net earnings of Rs 23.94 billion (EPS: Rs 20.14), i.e. 17.3% higher than the same period of last year.
The profitability of bank increased primarily due to higher net interest income, up by 32.7% YoY, as a result of strong balance sheet growth and improved asset pricing.
While the non-interest income declined by 3% YoY due to the absence of capital gains and weaker FX income.
The operating expenses of the bank surged by 5.5% YoY during the said period. The share of profit of associates slumped by around 24% YoY to stand at RS 339 million.
The Board of Directors of the Bank announced a final Cash Dividend for the year ended December 31, 2019, at Rs. 5 per share i.e. 50%. This is in addition to dividends already paid at Rs. 12 per share i.e. 120%.
Profit and Loss Account for the year ended December 31, 2019 (Rupees '000) | |||
|---|---|---|---|
| 2019 | 2018 | % Change |
Mark-up/return/interest earned | 148,088,700 | 87,502,337 | 69.2% |
Mark-up/return/interest expensed | 84,370,609 | 39,495,913 | 113.6% |
Net mark-up/interest income | 63,718,091 | 48,006,424 | 32.7% |
Non mark-up/interest income |
|
|
|
Fee and commission income | 12,230,871 | 11,636,751 | 5.1% |
Dividend income | 1,240,771 | 1,156,944 | 7.2% |
Foreign exchange income | 2,957,999 | 3,568,576 | -17.1% |
Income from derivatives | 14,616 | 11,845 | 23.4% |
Gain on securities | 828,873 | 1,257,148 | -34.1% |
Other income | 244,551 | 434,351 | -43.7% |
Total non-mark-up /interest income | 17,517,681 | 18,065,615 | -3.0% |
Total income | 81,235,772 | 66,072,039 | 23.0% |
Non mark-up/interest expenses |
|
|
|
Operating expenses | 37,685,431 | 35,715,447 | 5.5% |
Workers welfare fund | 802,046 | 644,304 | 24.5% |
Other charges | 260,743 | 174,431 | 49.5% |
Total non-mark-up/interest expenses | 38,748,220 | 36,534,182 | 6.1% |
Share of profit of associates | 339,633 | 446,257 | -23.9% |
Profit before provisions | 42,827,185 | 29,984,114 | 42.8% |
Provisions/(reversals) and write offs-net | 2,673,592 | (821,807) |
|
Profit before taxation | 40,153,593 | 30,805,921 | 30.3% |
Taxation | 16,206,382 | 10,390,637 | 56.0% |
Profit after taxation | 23,947,211 | 20,415,284 | 17.3% |
Basic and diluted earnings per share | 20.14 | 17.17 | 17.3% |
Copyright Mettis Link News
32533
