MCB Bank's profit-af­ter-tax rises 5 per­cent

The Pak Banker - - FRONT PAGE -

MCB Bank's profit-af­ter­tax (pat) in­creased by 5 per cent year-on-year to Rs25.551 bil­lion (earn­ings per share Rs22.96) dur­ing 2015.

How­ever, the con­sol­i­dated earn­ings de­clined by 21.31pc to Rs4.8bn (eps Rs4.4) dur­ing the fourth quar­ter (Oc­to­berDe­cem­ber) of the year from Rs6.1bn (eps Rs5.6) in the same pe­riod last year, the bank an­nounced on Tues­day.

The net markup in­come rose 13pc to Rs49.322bn, while non-markup in­come jumped 32pc to Rs17.115bn.

The re­sult was below mar­ket ex­pec­ta­tions, as the bank booked un­ex­pected pro­vi­sion­ing ex­pense of Rs1.6bn in the lat­est quar­ter. The board also an­nounced a fi­nal cash div­i­dend of Rs4 per share, in ad­di­tion to Rs12 per share in­terim div­i­dends al­ready paid.

The com­pany's PAT rose 12pc to Rs1.64 bil­lion (eps Rs19.78) for the six months ended Dec 31, 2015 from Rs1.47 bil­lion (eps Rs17.69) in the same pe­riod last year. The board also de­clared an in­terim cash div­i­dend of Rs15 per share (150pc). The re­sults were thought to be higher than ex­pec­ta­tions due to im­proved gross profit in the ab­sence of any in­ven­tory loss dur­ing the se­cond quar­ter.

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