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MCB Bank’s 1QCY24 profit soars to Rs17.85bn

PACRA upgrades MCB Islamic Bank's long-term rating to "A+"
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April 24, 2024 (MLN): MCB Bank Limited (PSX: MCB) kicked off the year 2024 on a positive note as its profits of 1QCY24 clocked in at Rs17.85 billion [EPS: Rs15.04], as compared to the Rs13.97bn [EPS: Rs11.75] profit recorded in the same period last year (SPLY).

Along with the financial results, the board of directors of MCB has also announced a final cash dividend for the quarter ended March 31, 2024, at Rs9 per share i.e. 90%.

Going by the income statement, the bank witnessed an increase of 28.5% YoY in its net interest income (NII) to stand at Rs42.45bn in 1QCY24. The surge in NII is attributed to a massive jump in interest-earning (Rs100.64bn), up by 43.3% YoY.

During the period under review, the bank’s Non-Markup Income (NMI) rose by 48.5% YoY to Rs9.63bn owing to a significant rise in Fee and commission income to clock in at Rs6.80bn as compared to Rs4.64bn in 1QCY23.

The bank reported a substantial drop of 93% YoY in gain on securities to Rs6.13 million compared to Rs84m in SPLY.

On the expense side, the bank’s non-markup expenses witnessed an increase of 21.3% YoY and were recorded at Rs17.17bn in the review period.

The increase in the bank’s earnings was further buoyed by the share of profit of associates, as it stood at Rs416.5m, compared to Rs3.75m.

On the tax front, MCB paid Rs17.49bn, 64% YoY higher than in 1QCY24.

Consolidated Profit and Loss Account for the Quarter ended  March 31, 2024 (Rupees '000)
  Mar-24 Mar-23 % Change
Mark-up/return/interest earned 100,641,557 70,233,790 43.30%
Mark-up/return/interest expensed 58,193,819 37,191,367 56.50%
Net mark-up/interest income 42,447,738 33,042,423 28.50%
       
Non mark-up/interest income      
Fee and commission  income 6,795,932 4,645,625 46.30%
Dividend income 798,608 654,182 22.10%
Foreign exchange income 1,926,077 1,036,088 85.90%
Income/ (loss)from derivatives 397 12,056 -96.70%
Gain/ (loss) on securities 6,128 84,343 -92.70%
Other income 100,845 51,901 94.30%
Total non mark-up /interest income 9,627,987 6,484,195 48.50%
Total income 52,075,725 39,526,618 31.70%
Non mark-up/interest expenses      
Operating expenses 16,314,880 13,558,076 20.30%
Workers felfare fund 705,030 496,158 42.10%
Other charges 151,111 98,167 53.90%
Total non mark-up/interest expenses 17,171,021 14,152,401 21.30%
Share of profit of associates 416,515 3,757
Profit before provisions 35,321,219   25,377,974 0.39%
Provisions/(reversals) and write offs-net  (27,955) 739,955
Profit before taxation  35,349,174 24,638,019 0.43%
Taxation 17,495,021 10,661,773 0.64%
Profit after taxation   17,854,153 13,976,246 0.27%
Basic and diluted earnings per share  15 12 0.28%

 

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Posted on: 2024-04-24T13:59:11+05:00