MCB Bank Ltd. profits rise 2.59% to Rs. 22.458 billion

MG News | February 15, 2018 at 01:13 PM GMT+05:00

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MCB Bank Ltd today released financial results for the year ending December, 2017. During the Board Meeting held in Lahore, the management approved a dividend of Rupees 4 per share.

Net markup earned during the period posted a 9.9% growth to clock in at Rs. 74.09 billion with net mark-up after provisions reaching at Rs. 41.733 billion down by 3.3%.

Fee, commission and brokerage income grew by more than 22.44% during the year, despite a 16.39% fall in other income.

Due to a marked reduction in taxes during the period, company’s bottom-line profits clocked in at Rs. 22.458 billion with EPS of Rs. 19.56 vs. an EPS of Rs. 19.67 during year ending December, 2016.

Comparison of Key Financials
Unconsolidated Profit and Loss Account - For the Year Ended, December 30^th 2017
Key Financials	2017	2016	% Change
	Amounts in PKR ‘000
Net mark-up/return/interest earned	74,090,972	67,400,294	9.93%
Net mark-up/return/interest earned after provisions	41,733,586	43,160,440	-3.31%
Fee, commission and brokerage income	9,353,983	7,639,750	22.44%
Dividend Income	1,941,452	1,456,326	33.31%
Income from Foreign Currencies	1,302,826	911,520	42.93%
Capital gain on sale of investments - net	4,746,658	5,677,010	-16.39%
Other income	620,854	488,479	27.10%
Total non-mark-up/interest income	17,960,121	16,174,707	11.04%
Administrative Expenses	27,353,543	22,073,702	23.92%
Other provisions - net	562,827	271,151	107.57%
Other charges/reversals	763,129	915,604	-16.65%
Total non-mark-up/interest expenses	28,679,499	23,260,457	23.30%
Extra-ordinary/unusual items	-	-
Profit before Taxation	31,014,208	36,074,690	-14.03%
Taxation	8,555,307	14,183,794	-39.68%
Profit after Taxation	22,458,901	21,890,896	2.59%
EPS - Basic and diluted	19.56	19.67	-0.56%

Company release on Earnings Report can be accessed here.

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