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

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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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