MCB Bank Limited profits falls by 22.28 percent to Rs. 4.777 billion

MG News | April 25, 2018 at 12:48 PM GMT+05:00

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MCB Bank Limited (MCB) today announced financial results for the quarter ending 31 March, 2018 reporting Markup Earned worth Rs. 18.214 billion. Furthermore, the company’s net mark-up after provisions during the outgoing three months rose by 10.49 percent to reach 11.727 billion.

Among other heads, Fee Commission and Brokerage Income went up by 19.39 percent during the period, Dividend Income went down by 53.77 percent and Income from foreign currencies jumping by 48.65 percent during the reported period.

On the expenses front, total non-mark-up expenses during the quarter rose by 5.82 percent to clock in at 6.694 billion.

MCB Bank Limited reported profit after taxation at Rs. 4.777 billion down by 22.28 percent from 6.146 billion last year translating into an EPS of Rs. 4.03 vs. an EPS of Rs 5.52 during the three months ending March, 2017.

MCB Bank approved an interim cash dividend of Rs. 4 per share i.e. 40 percent.

Comparison of Key Financials
Unconsolidated Profit and Loss Account - For the Three Months Ended, March 30^th 2018
Key Financials	March, 2018	March, 2017	% Change
	Amounts in PKR ‘000
Mark-up/return/interest earned	18,214,047	17,273,967	5.44%
Net mark-up/return/interest earned after provisions	11,727,704	10,614,709	10.49%
Fee, commission and brokerage income	2,621,360	2,195,691	19.39%
Dividend Income	163,811	354,333	-53.77%
Income from Foreign Currencies	420,924	283,167	48.65%
Capital gain on sale of securities - net	784,377	2,277,242	-65.56%
Other income	312,052	107,557	190.13%
Total non-mark-up/interest income	4,298,185	5,184,113	-17.09%
Administrative Expenses	7,209,562	6,098,770	18.21%
Other provisions - net	708,570	12,142	5735.69%
Other charges/reversals	193,283	215,066	-10.13%
Total non-mark-up/interest expenses	6,694,275	6,325,978	5.82%
Profit before Extraordinary Items	9,331,275	9,472,844	-1.49%
Extraordinary/Unusual Item (Pension Cost)	2,025,258	-
Profit before Taxation	7,306,356	9,472,844	-22.87%
Taxation	2,529,216	3,326,188	-23.96%
Profit after Taxation	4,777,140	6,146,656	-22.28%
EPS - Basic and diluted	4.03	5.52	-26.99%

Company release on Earnings Report can be accessed here.

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