MCB Bank enjoys profits on the back of Net Interest Income in CY19

By MG News | February 04, 2020 at 02:50 PM GMT+05:00

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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%

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