MCB: PAT surges by 41.42% YoY in 2022

By MG News | February 08, 2023 at 08:28 PM GMT+05:00

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February 08, 2023 (MLN): MCB Bank Limited (PSX: MCB) on Wednesday declared its financial results for the year ended December 31, 2022, as per which, the bank has posted its consolidated profit after tax (PAT) of Rs75.34 billion [EPS: Rs29], showing significant growth of 41.42% YoY, compared to Rs53.28bn in 2021 [EPS: 26.31].

Alongside financial results, the board of directors has announced an interim cash dividend for the quarter that ended December 31, 2022, at Rs6 per share i.e., 60%. This is in addition to the interim cash dividend already paid at Rs14 per share i.e. 140%.

During the period under review, the bank’s interest expenses jumped by 92% YoY while, interest income surged by 65.47% YoY, which led the bank’s net interest income (NII) to expand by around 40.35% YoY to clock in at RS95.97bn during 2022.

On the other hand, the NFI of the bank edged higher by 25.46% YoY to stand at Rs25.9bn due to a whopping increase of 2x in foreign exchange income, a 13.75% upsurge in fee and commission income, and a 9% increase in dividend income.

Moreover, operating expenses went up by 18.44% YoY to stand at Rs48bn in 2021.

During the period, the bank witnessed reversals of nearly Rs2.64bn, compared to reversals of Rs5.47bn in 2021.

Consolidated Profit and Loss Account for the year ended December 31, 2022 (Rupees '000)
	Dec-22	Dec-21	% Change
Mark-up/return/interest earned	219,422,758	132,609,303	65.47
Mark-up/return/interest expensed	123,454,752	64,231,302	92.20
Net mark-up/interest income	95,968,006	68,378,001	40.35
Non mark-up/interest income
Fee and commission income	15,573,910	13,691,432	13.75
Dividend income	2,130,363	1,955,213	8.96
Foreign exchange income	9,588,551	3,847,755	149.20
Income from derivatives	33,148	14,035	136.18
Gain/ (loss) on securities	-1,708,860	262,835	-750.16
Other income	295,837	883,253	-66.51
Total non-mark-up/interest income	25,912,949	20,654,523	25.46
Total income	121,880,955	89,032,524	36.89
Non-mark-up/interest expenses
Operating expenses	48,075,386	40,589,732	18.44
Workers welfare fund	1,509,781	1,058,419	42.64
Other charges	267,536	525,339	-49.07
Total non-mark-up/interest expenses	49,852,703	42,173,490	18.21
Share of profit of associates	671,231	943,587	-28.86
Profit before provisions	72,699,483	47,802,621	52.08
Provisions/(reversals) and write offs-net	-2,641,001	-5,472,779	-51.74
Profit before taxation	75,340,484	53,275,400	41.42
Taxation	40,889,320	21,947,646	86.30
Profit after taxation	34,451,164	31,327,754	9.97
Basic and diluted earnings per share	29	26.31	10.22

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