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

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

Add Mettisglobal as a Trusted Source on Google

0:00

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

Related News

Name	Price/Vol	%Chg/NChg
KSE100	178,262.34 385.16M	4.23% 7241.13
ALLSHR	107,837.44 1,028.26M	3.85% 4001.05
KSE30	53,347.67 160.21M	4.70% 2395.68
KMI30	251,510.37 142.71M	4.52% 10876.50
KMIALLSHR	69,173.86 484.44M	3.91% 2601.11
BKTi	51,064.73 51.74M	4.91% 2391.50
OGTi	35,248.42 10.48M	4.59% 1546.17

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	63,180.00	64,810.00 63,035.00	-1785.00 -2.75%
BRENT CRUDE	87.10	88.06 86.98	-1.26 -1.43%
RICHARDS BAY COAL MONTHLY	105.75	0.00 0.00	-1.55 -1.44%
ROTTERDAM COAL MONTHLY	120.00	120.00 120.00	-0.25 -0.21%
USD RBD PALM OLEIN	1,175.00	1,175.00 1,175.00	0.00 0.00%
CRUDE OIL - WTI	81.22	82.24 81.13	-1.39 -1.68%
SUGAR #11 WORLD	14.56	14.75 14.54	-0.21 -1.42%