{"id":3180,"date":"2025-02-06T15:29:27","date_gmt":"2025-02-06T10:29:27","guid":{"rendered":"https:\/\/pkfin.kotenterprises.dev\/?p=3180"},"modified":"2025-02-06T15:29:27","modified_gmt":"2025-02-06T10:29:27","slug":"mcb-bank-reports-rs63-47-billion-profit-for-2024","status":"publish","type":"post","link":"https:\/\/pkfin.kotenterprises.dev\/?p=3180","title":{"rendered":"MCB Bank Reports Rs63.47 Billion Profit for 2024"},"content":{"rendered":"

KARACHI: MCB Bank Limited<\/a>, one of Pakistan\u2019s largest commercial banks, has reported a profit-after-tax (PAT) of Rs63.47 billion for 2024, reflecting a 3% decline compared to Rs65.27 billion recorded in 2023.<\/em><\/p>\n

In its consolidated statement released to the Pakistan Stock Exchange (PSX) on Thursday, the bank reported earnings per share (EPS) of Rs53.35 for the year, slightly lower than Rs54.94 per share in 2023.<\/p>\n

The bank announced a final cash dividend of Rs9 per share (90%) for the year ended December 31, 2024. This is in addition to interim dividends already paid at Rs27 per share (270%).<\/p>\n

Financial Performance Highlights<\/h3>\n

MCB recorded a net interest income of Rs167.95 billion in 2024, showing a modest increase from Rs165.42 billion in 2023. Meanwhile, the bank\u2019s total income grew by over 4% to Rs209.19 billion, up from Rs200.82 billion in the previous year.<\/p>\n

Fee and commission income saw a significant rise, reaching Rs24.78 billion, marking a yearly growth of over 10%. The bank\u2019s foreign exchange income stood at Rs9.6 billion, slightly higher than Rs9.2 billion in 2023.<\/p>\n

A notable highlight was the bank\u2019s gain on securities<\/a>, which surged to Rs3.46 billion in 2024\u2014a massive 314% increase compared to Rs837 million recorded in the previous year.<\/p>\n

Third Quarter Performance<\/h3>\n

For the third quarter of 2024 (3Q2024), MCB reported a profit of Rs18.1 billion<\/a>, reflecting an 8% year-on-year decline.<\/p>\n

Rising Expenses Impact Bottom Line<\/h3>\n

During 2024, the bank\u2019s total non-markup interest expenses rose by 19% to Rs75.57 billion, compared to Rs63.57 billion in 2023. The increase was attributed to higher operating expenses during the period.<\/p>\n

Consequently, the bank\u2019s profit-before-tax stood at Rs131.18 billion<\/a>, marking a nearly 5% decrease from Rs137.52 billion in 2023.<\/p>\n

Taxation and Outlook<\/h3>\n

MCB paid taxes amounting to Rs67.71 billion in 2024, which was over 6% lower than the Rs72.25 billion paid in 2023.<\/p>\n

Despite the slight decline in profitability, the bank maintained stable earnings, a strong dividend payout, and resilient revenue growth. Analysts remain optimistic about the bank\u2019s future performance, citing its growing fee income and gains on securities as key drivers of stability in a challenging economic environment.<\/p>\n","protected":false},"excerpt":{"rendered":"

KARACHI: MCB Bank Limited, one of Pakistan’s largest commercial banks, has reported a profit-after-tax (PAT) of Rs63.47 billion for 2024, reflecting a 3% decline compared to Rs65.27 billion recorded in 2023. In its consolidated statement released to the Pakistan Stock Exchange (PSX) on Thursday, the bank reported earnings per share (EPS) of Rs53.35 for the […]<\/p>\n","protected":false},"author":1,"featured_media":3181,"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":[],"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