August 7, 2019 (MLN): MCB Bank Limited has announced Profits after Tax of Rs. 10.4 billion (EPS: Rs. 8.79) for the half year ended June 30, 2019, signifying a growth of 10% over the same period of last year.
The bank also announced an interim Cash Dividend for the quarter ended June 30, 2019, at Rs. 4 per share i.e. 40%. This is in addition to Interim Dividend(s) already paid at Rs. 4 per share i.e. 40%.
The growth in profit can be accredited to increase in Net Interest Income by 27%, and total income by 18%.
Moreover, the bank’s performance was in line with the market expectations, and closest to the prediction put forward by Arif Habib Limited.
Profit and loss account for the half year ended June 30, 2019 (Rupees'000) |
|||
---|---|---|---|
|
June 30, 2019 |
June 30, 2018 |
% Change |
Mark-up / return / interest earned |
63,418,278 |
39,272,450 |
61.48% |
Mark-up / return / interest expensed |
33,838,728 |
15,947,896 |
112.18% |
Net mark-up / interest income |
29,579,550 |
23,324,554 |
26.82% |
NON MARK-UP / INTEREST INCOME |
|
|
|
Fee and commission income |
6,069,062 |
5,809,043 |
4.48% |
Dividend income |
654,605 |
530,382 |
23.42% |
Foreign exchange income |
1,786,380 |
1,247,498 |
43.20% |
(Loss) / income from derivatives |
-3,936 |
38,552 |
|
(Loss) / gain on securities |
-177,682 |
973,193 |
|
Other Income |
57,003 |
174,061 |
-67.25% |
Total non-markup / interest Income |
8,385,432 |
8,772,729 |
-4.41% |
Total Income |
37,964,982 |
32,097,283 |
18.28% |
NON MARK-UP / INTEREST EXPENSES |
|
|
|
Operating expenses |
18,809,457 |
18,578,319 |
1.24% |
Workers welfare fund |
365,700 |
321,996 |
13.57% |
Other charges |
106,880 |
74,738 |
43.01% |
Total non-markup / interest expenses |
19,282,037 |
18,975,053 |
1.62% |
Share of profit of associates |
199,907 |
357,513 |
-44.08% |
Profit before provisions |
18,882,852 |
13,479,743 |
40.08% |
Provisions / (reversals) and write offs – net |
907,499 |
-2,211,646 |
|
Extra ordinary / unusual items |
|
|
|
PROFIT BEFORE TAXATION |
17,975,353 |
15,691,389 |
14.68% |
Taxation |
7,553,728 |
6,220,167 |
21.44% |
PROFIT AFTER TAXATION |
10,421,625 |
9,471,222 |
10.03% |
Basic and diluted earnings per share |
8.79 |
7.95 |
10.57% |
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