MCB Bank Limited (MCB) posts 7.3pc decline in profits

KARACHI: MCB Bank Limited (MCB) has announced a net profit of Rs20.352 billion for the year December 31, 2018, which is 7.33 percent lower than the profit of Rs21.96 billion recorded in the previous year.

The earnings per share (EPS) for the year 2018 clocked in at Rs17.17 as against Rs19.13 last year. The company also declared a final cash dividend of Rs4.0/share, which is in addition to interim dividend of Rs12/share already paid to the shareholders.

“Uptick in fee income and Rs292 million in capital gains were also positives for the bank towards the end of 2018,” a report issued by Taurus Securities said.

MCB Bank Limited (MCB) total net interest income for 2018 clocked in at Rs48 billion, up 9.58 percent, as compared with the net interest income of Rs43.79 billion in 2017.

Bank’s non-interest income for the year under review remained flat at Rs18.06 billion as against Rs18.49 billion in 2017.

“Higher operating expenditure and pension liability of Rs1.9 billion led to the downturn in earnings. However strong growth in interest income and impressive foreign exchange income provided respite,” Faizan Kamran at Arif Habib Limited said.[the_ad id=”31605″]

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