MCB's yearly profit declines by 7%

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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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