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

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 30th 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.

Posted on: 2018-02-15T13:13:00+05:00