MCB's yearly profit declines by 7%

MG News | February 20, 2019 at 04:31 PM GMT+05:00

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February 20, 2019 (MLN): Muslim Commercial Bank Limited (MCB)’s profits after tax for the year ended on December 2018 declined by 7% to Rs 20.4 billion as compared to same period last year primarily due to increase in operation expenses and higher taxes.

Despite a growth in the bank’s net markup income and foreign exchange income by 10% and 113% respectively, the bank still failed to mark any significant improvement in terms of profitability. This was due to a counter increase in the bank’s interest expenses.

However, the bank did not plunge as low as the market was expecting as it reported profits of Rs. 20.4 billion against an estimated amount of Rs 15 billion on average.

MCB reported its earning per share at Rs17.17. Moreover, the Board of Directors announced a final cash dividend at Rs.12 per share i.e. 120%.

CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED DECEMBER 2018 ( Rupees '000')
	Dec-18	Dec-17	% Change
Mark-up / return / interest earned	87,502,337	76,189,800	15%
Mark-up / return / interest expensed	39,495,913	32,393,716	22%
Net mark-up / interest income	48,006,424	43,796,084	10%
NON MARK-UP / INTEREST INCOME
Fee and commission income	11,636,751	10,454,980	11%
Dividend income	1,156,944	1,632,466	-29%
Foreign exchange income	3,568,576	1,677,861	113%
Income from derivatives	11,845	15,487	-24%
Gain on securities	1,257,148	4,666,214	-73%
Other Income	434,351	51,203	748%
Total non-markup / interest Income	18,065,615	18,498,211	-2%
Total Income	66,072,039	62,294,295	6%
NON MARK-UP / INTEREST EXPENSES
Operating expenses	35,715,447	30,297,380	18%
Workers welfare fund	644,304	625,969	3%
Other charges	174,431	142,953	22%
Total non-markup /interest expenses	36,534,182	31,066,302	18%
Share of profit of associates	446,257	433,119	3%
Profit before provisions	29,984,114	31,661,112	-5%
(Reversals) / provisions and write offs - net	(821,807)	1,047,405	-178%
Extra ordinary / unusual items	-	-
PROFIT BEFORE TAXATION	30,805,921	30,613,707	1%
Taxation	10,390,637	8,565,943	21%
PROFIT AFTER TAXATION	20415284	22047764	-7%
Basic and diluted earnings per share (Rupees)	17.17	19.3	-11%

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