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 53.28bn 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.
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|
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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Posted on: 2023-02-08T20:28:50+05:00
