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

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 30th 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.

Posted on: 2018-04-25T12:48:00+05:00