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