MCB profits surge 14pc to Rs16.29bn.
KARACHI -- The Board of Directors of MCB Bank Limited met under the Chairmanship of Mian Mohammad Mansha on Thursday to review the performance of the bank and approve the condensed interim financial statements for the nine months ended September 30, 2019. The board declared 3rd interim cash dividend of Rs4.0 per share i.e. 40pc, bringing the total cash dividend for the year ending 2019 to 120pc and continuing with its highest in the industry dividend payout trend. MCB reported profit before tax of Rs27.51 billion, which is 18pc higher than the corresponding last period and translated into earnings per share of Rs13.74 (2018: Rs12.08). The key highlights of the performance included an impressive increase in net interest margins through a gradual shift in the maturity profiling of investment base along with an efficient cost base. Profit after tax (PAT) of the bank increased by 14pc to Rs16.29 billion as the bank recorded additional super tax at 4pc for the tax year 2018, as enacted through the Second Supplementary Finance Act, 2019. The effective tax rate for the nine months ended September 30, 2019, came to 41pc which is 2pc higher than the corresponding last period. Net interest income increased to Rs42.99 billion, 27pc higher than the corresponding period of last year. Volumetric growth in average earning assets, particularly investments, along with effective mix of shorter maturity earning assets in a rising interest rate scenario enabled the bank to post growth in gross mark-up income of Rs39.52 billion, up 67pc over the corresponding period.
The bank has been riding the yield curve over the last few years, taking the benefit of the significant interest rate hike despite the fact that interests on deposits are repriced earlier than the earning assets. The non-mark-up...
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