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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