{"id":1417,"date":"2024-10-24T07:06:49","date_gmt":"2024-10-24T07:06:49","guid":{"rendered":"https:\/\/pkfin.kotenterprises.dev\/?p=1417"},"modified":"2025-01-14T15:45:17","modified_gmt":"2025-01-14T15:45:17","slug":"mcb-bank-reports-massive-rs-95-1-billion-profit","status":"publish","type":"post","link":"https:\/\/pkfin.kotenterprises.dev\/?p=1417","title":{"rendered":"MCB Bank Reports Massive Rs. 95.1 Billion Profit before Tax for First 9 Months-2024"},"content":{"rendered":"\r\n

Board declares Rs. 9.00 per share dividend; Total dividend reaches Rs. 27.00 per share for the nine months.<\/em><\/p>\r\n\r\n\r\n\r\n

MCB Bank Limited (MCB)<\/a> has announced its financial results for the nine-month period ending September 30, 2024, demonstrating strong performance across all key financial indicators. The Bank\u2019s Board of Directors, chaired by Mian Mohammad Mansha, approved the interim financial statements during a meeting held on October 23, 2024. The Board also declared a third interim cash dividend of Rs. 9.00 per share (90 percent), bringing the total cash dividend for the period to Rs. 27.00 per share (270 percent).<\/p>\r\n\r\n\r\n\r\n

Record-Breaking Profits and Deposit Growth<\/h2>\r\n\r\n\r\n\r\n

MCB continues to exhibit robust growth, crossing the Rs. 2 trillion mark in total deposits, registering a 14 percent increase compared to December 2023. The Bank posted its highest-ever profit before tax (PBT) of Rs. 95.1 billion for the nine-month period, an 8 percent year-on-year increase. Profit after tax (PAT) rose to Rs. 48.5 billion, reflecting a 10 percent growth over the same period last year, resulting in earnings per share (EPS) of Rs. 40.88. On a consolidated basis, the Bank\u2019s PBT was Rs. 104 billion.<\/p>\r\n\r\n\r\n\r\n

Strong Net Interest and Non-Markup Income Growth<\/h2>\r\n\r\n\r\n\r\n

MCB\u2019s net interest income grew by 8 percent year-on-year, driven by growth in average current deposits. Non-markup income surged by 19 percent to Rs. 26.9 billion, with key contributions from fee commission income (Rs. 16.4 billion, +15 percent), foreign exchange income (Rs. 7.5 billion, +27 percent), and dividend income (Rs. 2.4 billion, +21 percent). Fee-based income growth was evident across multiple channels, with card-related income up by 36 percent, branch banking fees increasing by 19 percent, and investment service commissions rising by 54 percent.<\/p>\r\n\r\n\r\n\r\n

Continued Investment in Digital Transformation<\/h2>\r\n\r\n\r\n\r\n

The Bank remains focused on its digital transformation strategy, enhancing customer experience and operational efficiency across its digital platforms. Despite the inflationary environment, MCB managed its operating expenses with discipline, reporting a 17 percent increase, primarily in staff costs, utilities, and IT-related upgrades. The Bank maintained a cost-to-income ratio of 30.93 percent, reflecting its ability to invest in innovation while controlling costs.<\/p>\r\n\r\n\r\n\r\n

Strong Asset Base and Credit Risk Management<\/h2>\r\n\r\n\r\n\r\n

As of September 30, 2024, MCB\u2019s total assets increased by 15.1 percent over December 2023, reaching Rs. 2.8 trillion. Net investments and gross advances grew by Rs. 258 billion (+21 percent) and Rs. 103 billion (+17 percent), respectively. The Bank\u2019s non-performing loan (NPL) base was reported at Rs. 55.1 billion, with a coverage ratio of 91.98 percent and an infection ratio of 7.59 percent, underscoring MCB\u2019s strong credit risk management framework.<\/p>\r\n\r\n\r\n\r\n

Capital Adequacy and Liquidity<\/h2>\r\n\r\n\r\n\r\n

MCB\u2019s Capital Adequacy Ratio (CAR) improved to 21.85 percent, well above the regulatory requirement of 11.5 percent. The Bank\u2019s Common Equity Tier-1 (CET1) ratio stood at 17.15 percent, and its Leverage Ratio was 6.17 percent, reflecting a strong capital position. Additionally, MCB reported a Liquidity Coverage Ratio (LCR) of 263.11 percent and a Net Stable Funding Ratio (NSFR) of 153.61 percent, both comfortably exceeding regulatory thresholds.<\/p>\r\n\r\n\r\n\r\n

Record Home Remittance Inflows<\/h2>\r\n\r\n\r\n\r\n

During the period, MCB attracted USD 3,195 million in home remittance inflows, marking a 34 percent increase and a 12.5 percent market share. The Bank continues to play a significant role in supporting the State Bank of Pakistan\u2019s initiative to channel remittances through formal banking channels.<\/p>\r\n\r\n\r\n\r\n

Recognition and Awards<\/h2>\r\n\r\n\r\n\r\n

MCB\u2019s leadership in the financial sector was recognized at the Asian Development Bank\u2019s 10th Annual Trade and Supply Chain Finance Program (TSCFP) awards in Singapore, where the Bank won two prestigious accolades: \u2018Leading Partner Bank in Pakistan\u2019 and the \u2018Momentum Award \u2013 Issuing Bank.\u2019 These awards highlight MCB\u2019s contributions to trade growth and its reliability in supporting local businesses with international trade solutions.<\/p>\r\n\r\n\r\n\r\n

Additionally, MCB\u2019s 2023 annual report was recognized as the best in the Banking Category and overall winner across all sectors by the Joint Evaluation Committee of ICAP & ICMA, underscoring the Bank\u2019s commitment to excellence in governance and corporate transparency.<\/p>\r\n\r\n\r\n\r\n

Expanding Presence and Market Leadership<\/h2>\r\n\r\n\r\n\r\n

With over 1,650 branches, MCB operates the second-largest branch network in Pakistan. The Bank remains one of the most capitalized and traded stocks on the Pakistan Stock Exchange, further solidifying its position as a leading financial institution in the country.<\/p>\r\n","protected":false},"excerpt":{"rendered":"

Board declares Rs. 9.00 per share dividend; Total dividend reaches Rs. 27.00 per share for the nine months. MCB Bank Limited (MCB) has announced its financial results for the nine-month period ending September 30, 2024, demonstrating strong performance across all key financial indicators. The Bank’s Board of Directors, chaired by Mian Mohammad Mansha, approved the […]<\/p>\n","protected":false},"author":1,"featured_media":1418,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"_FSMCFIC_featured_image_caption":"","_FSMCFIC_featured_image_nocaption":"","_FSMCFIC_featured_image_hide":"","footnotes":""},"categories":[8],"tags":[402,13,450,14,863,862],"class_list":["post","format-standard"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t