MCB Bank Limited finalized the summary for their financial earnings, for the Half Year Ending on June 30th 2018, in a Board of Directors meeting that took place on Wednesday, august 1st 2018.
According to the report issued to PSX, the Year-on-Year Net mark-up/ interest income increased by 13.3% as compared to the half year ending on June 30th 2017. On the other hand, Provision for diminution in the value of investments dropped significantly by 95.3%.
Bad Debts written Off Directly increased by 64.3%, while Net Mark-up/ Interest income after Provision went up by 12.7%.
Moreover, the company’s dividend income reduced by 13.7%, whereas Net gain on sale of Securities dropped by 69.6% and Unrealized loss of revaluation of investments classified as held for trading reduced by 68.6%
MCB’s Profit before taxation decreased by 11.2% while Taxation witnessed an increment of 52.9%, hence the overall profit after taxation reduced by 30.4%.
|
Profit and Loss Account for the Half Year Ended June 30,2018 (Rupees '000) |
|||
|
|
2018 |
2017 |
% Change |
|
Mark-up/return/interest earned |
39,272,450 |
36,797,243 |
6.7% |
|
Mark-up/return/interest expensed |
16,013,533 |
16,266,568 |
-1.6% |
|
Net mark-up/interest income |
23,258,917 |
20,530,675 |
13.3% |
|
Provision/(reversal) against loans and advances – net |
(1,423,744) |
(1,940,509) |
-26.6% |
|
Provision/(reversal for diminution in the value of investments – net |
27,333 |
587,107 |
-95.3% |
|
Bad debts written off directly |
23 |
14 |
64.3% |
|
|
(1,396,388) |
(1,353,388) |
3.2% |
|
Net mark-up/interest income after provisions |
24,655,305 |
21,884,063 |
12.7% |
|
Non mark-up/interest income |
|
|
|
|
Fee, commission and brokerage income |
5,588,161 |
4,953,644 |
12.8% |
|
Dividend income |
530,382 |
614,852 |
-13.7% |
|
Income from dealing in foreign currencies |
1,000,385 |
721,722 |
38.6% |
|
gain on sale of securities – net |
987,053 |
3,246,977 |
-69.6% |
|
Unrealized gain/(loss) of revaluation of investments classified as held for trading |
(13,363.00) |
(42,620.00) |
-68.6% |
|
Other income |
514,274.00 |
328,182.00 |
56.7% |
|
Total non-mark-up /interest income |
8,606,892.00 |
9,822,757.00 |
-12.4% |
|
|
33,262,197.00 |
31,706,820 |
|
|
Non mark-up/interest expenses |
|
|
|
|
Administrative expenses |
18,227,015 |
13,400,981 |
36.0% |
|
Other provision – net |
(699,600) |
559,987 |
-224.9% |
|
Other charges |
400,906 |
422,328 |
-5.1% |
|
Total non-mark-up/interest expenses |
17,928,321 |
14,383,296 |
24.6% |
|
|
15,333,876 |
17,323,524 |
|
|
Share of profit of associates |
357,513 |
355,202 |
0.7% |
|
Extraordinary / unusual item |
– |
– |
|
|
Profit before taxation |
15,691,389 |
17,678,726 |
-11.2% |
|
Taxation |
6,220,167 |
4,067,223 |
52.9% |
|
Profit after taxation |
9,471,222 |
13,611,503 |
-30.4% |
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