MCB Bank performs as per expectations, announces profits of Rs10.4 billion

MG News | August 07, 2019 at 01:55 PM GMT+05:00

0:00

August 7, 2019 (MLN): MCB Bank Limited has announced Profits after Tax of Rs. 10.4 billion (EPS: Rs. 8.79) for the half year ended June 30, 2019, signifying a growth of 10% over the same period of last year.

The bank also announced an interim Cash Dividend for the quarter ended June 30, 2019, at Rs. 4 per share i.e. 40%. This is in addition to Interim Dividend(s) already paid at Rs. 4 per share i.e. 40%.

The growth in profit can be accredited to increase in Net Interest Income by 27%, and total income by 18%.

Moreover, the bank’s performance was in line with the market expectations, and closest to the prediction put forward by Arif Habib Limited.

Profit and loss account for the half year ended June 30, 2019 (Rupees'000)
	June 30, 2019	June 30, 2018	% Change
Mark-up / return / interest earned	63,418,278	39,272,450	61.48%
Mark-up / return / interest expensed	33,838,728	15,947,896	112.18%
Net mark-up / interest income	29,579,550	23,324,554	26.82%
NON MARK-UP / INTEREST INCOME
Fee and commission income	6,069,062	5,809,043	4.48%
Dividend income	654,605	530,382	23.42%
Foreign exchange income	1,786,380	1,247,498	43.20%
(Loss) / income from derivatives	-3,936	38,552
(Loss) / gain on securities	-177,682	973,193
Other Income	57,003	174,061	-67.25%
Total non-markup / interest Income	8,385,432	8,772,729	-4.41%
Total Income	37,964,982	32,097,283	18.28%
NON MARK-UP / INTEREST EXPENSES
Operating expenses	18,809,457	18,578,319	1.24%
Workers welfare fund	365,700	321,996	13.57%
Other charges	106,880	74,738	43.01%
Total non-markup / interest expenses	19,282,037	18,975,053	1.62%
Share of profit of associates	199,907	357,513	-44.08%
Profit before provisions	18,882,852	13,479,743	40.08%
Provisions / (reversals) and write offs - net	907,499	-2,211,646
Extra ordinary / unusual items
PROFIT BEFORE TAXATION	17,975,353	15,691,389	14.68%
Taxation	7,553,728	6,220,167	21.44%
PROFIT AFTER TAXATION	10,421,625	9,471,222	10.03%
Basic and diluted earnings per share	8.79	7.95	10.57%

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