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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