August 02, 2023 (MLN): MCB Bank Limited (PSX: MCB) has revealed its financial statement today for the half year ended June 30, 2023, as per which the bank posted a profit worth Rs28.67 billion [EPS: Rs24.13], depicting a surge of 2.52x YoY, compared to Rs11.39bn [EPS: Rs9.59] in the same period last year (SPLY), bank’s filing on PSX showed today.
Along with the 1HCY23 financial results, the board of directors of MCB has also announced an interim cash dividend for the period ended June 30, 2022, at Rs7 per share i.e. 70%.
It is worth noting that this is the highest-ever half-yearly profit (PAT), largely driven by total income.
Going by the income statement, the bank witnessed an increase of 75.7% in its net interest income (NII) to stand at Rs74.22bn, compared to SPLY. The surge in NII is due to a jump in interest-earning (Rs160.23bn), up by 73.6% YoY.
During the period under review, the bank’s Non-Markup Income (NMI) rose by 16.4% YoY to Rs15.40bn owing to a significant rise in Fee and commission income to clock in at Rs9.90bn as compared to Rs7.37bn in SPLY.
In addition, the bank incurred a provision reversal of Rs2.23bn during the review period compared to the provisioning expense of Rs921.17 million in the corresponding period last year.
On the tax front, the bank paid Rs29.80bn, 35.1% higher than the amount paid in 1HCY22.
| Profit and Loss Account for the half year ended June 30, 2023 (Rupees '000) | |||
|---|---|---|---|
| Jun-23 | Jun-22 | % Change | |
| Mark-up/return/interest earned | 160,232,937 | 92,315,591 | 73.6% |
| Mark-up/return/interest expensed | 86,015,544 | 50,066,043 | 71.8% |
| Net mark-up/interest income | 74,217,393 | 42,249,548 | 75.7% |
| Non mark-up/interest income | |||
| Fee and commission income | 9,902,627 | 7,373,534 | 34.3% |
| Dividend income | 1,379,179 | 1,104,802 | 24.8% |
| Foreign exchange income | 3,907,029 | 4,237,583 | -7.8% |
| Income from derivatives | 12,875 | 11,970 | 7.6% |
| Loss/Gain on securities | 72,815 | 377,997 | -80.7% |
| Other income | 120,945 | 123,470 | -2.0% |
| Total non mark-up /interest income | 15,395,470 | 13,229,356 | 16.4% |
| Total income | 89,612,863 | 55,478,904 | 61.5% |
| Non mark-up/interest expenses | |||
| Operating expenses | 27,803,288 | 22,582,275 | 23.1% |
| Workers felfare fund | 1,175,069 | 667,307 | 76.1% |
| Other charges | 266,069 | 64,668 | 311.4% |
| Total non mark-up/interest expenses | 29,244,426 | 23,314,250 | 25.4% |
| Share of profit | 331,678 | 362,387 | |
| Profit before provisions | 60,700,115 | 32,527,041 | 86.6% |
| Provisions/(reversals) and write offs-net | 2,230,515 | (921,170) | -342.1% |
| Profit before taxation | 58,469,600 | 33,448,211 | 74.8% |
| Taxation | 29,795,186 | 22,061,683 | 35.1% |
| Profit after taxation | 28,674,414 | 11,386,528 | 151.8% |
| Basic and diluted earnings per share | 24.13 | 9.59 | – |
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Posted on: 2023-08-02T15:50:46+05:00
