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

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

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%

 

Copyright Mettis Link News

Posted on: 2019-08-07T13:55:00+05:00

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