MCB: PAT drops by 2.3% YoY in 9MFY21

MG News | October 28, 2021 at 10:57 AM GMT+05:00

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October 28, 2021 (MLN): MCB Bank Limited (PSX: MCB) has declared its financial results for 9MCY21 ended September 30, 2021, as per which, the bank has posted its consolidated profit after tax (PAT) of Rs23 billion, translating into an EPS of Rs19.29.

The results showed a decline of 2.3% YoY when compared to the net profits of Rs23.5bn recorded in the same period of last year.

Alongside financial results, the board of directors has announced an interim cash dividend for the quarter ended September 30, 2021, at Rs4.50 per share i.e., 45%. This is in addition to the interim cash dividend already paid at Rs9.50per share i.e., 95%.

During the period under review, the bank’s interest expenses decreased by 18% YoY while, interest income came down by 15.5% YoY, thereby curtailing the growth of the bank’s net interest income (NII) to around 13.2% YoY to clock in at Rs51bn during 9MCY21 due to repricing of assets at a lower rate.

On the other hand, the NFI of the bank edged higher by 4.7% YoY to stand at Rs15.2bn due to a 14.7% increase in fee and commission income, and a 95% jump in dividend income. However, a 75% decline in capital gains has restricted NFI to grow further.

Moreover, operating expenses went up by 6.4% YoY to stand at Rs30bn in 9MCY21.

During the period, the bank witnessed provisions of nearly Rs3.5bn, compared to reversals of Rs5.2bn in 9MCY20.

Consolidated Profit and Loss Account for the nine months ended September 30, 2021 (Rupees '000)
	Sep-21	Sep-20	% Change
Mark-up/return/interest earned	96,765,925	114,516,948	-15.5%
Mark-up/return/interest expensed	45,717,878	55,717,040	-17.9%
Net mark-up/interest income	51,048,047	58,799,908	-13.2%
Non mark-up/interest income
Fee and commission income	10,086,348	8,791,768	14.7%
Dividend income	1,228,378	629,210	95.2%
Foreign exchange income	2,378,619	2,100,027	13.3%
Income/ (loss) from derivatives	8,141	(3,604)	-
Gain/ (loss) on securities	741,881	2,877,447	-
Other income	802,820	168,490	376.5%
Total non mark-up /interest income	15,246,187	14,563,338	4.7%
Total income	66,294,234	73,363,246	-9.6%
Non mark-up/interest expenses
Operating expenses	30,027,796	28,232,321	6.4%
Workers felfare fund	780,151	767,073	1.7%
Other charges	437,375	259,326	68.7%
Total non mark-up/interest expenses	31,245,322	29,258,720	6.8%
Share of profit of associates	690,426	518,852	33.1%
Profit before provisions	35,739,338	44,623,378	-19.9%
Provisions/(reversals) and write offs-net	(3,501,227)	5,189,574.00	-
Profit before taxation	39,240,565	39,433,804	-0.5%
Taxation	16,273,635	15,921,924	2.2%
Profit after taxation	22,966,930	23,511,880	-2.3%
Basic and diluted earnings per share	19.29	19.75	-2.3%

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