KARACHI: In a remarkable display of financial prowess, MCB Islamic Bank’s profit before Tax has shown phenomenal growth of 348 percent as compared to the corresponding period of 2022, leaping from Rs 1.675 billion to Rs 7.506 billion for the 3rd quarter ending September 30, 2023.
This achievement reflects the Bank’s unwavering commitment to low-cost deposit mobilization, seizing timely investment opportunities, maintaining prudent financing practices, robust risk management, ensuring strict regulatory compliance and establishing itself as a key player in the rapidly expanding Islamic Banking Industry.
Deposits have increased to Rs 183 billion, reflecting year-on-year growth of 28 percent. The bank’s Current and Saving Account (CASA) mix stands at a robust 77 percent, and non-remunerative deposits constitute 33 percent of the total deposit mix, highlighting customer trust and strategic focus.
Total Assets reached Rs 234 billion while Net Financing closed at Rs 71.50 billion and investments reached an impressive Rs 110.76 billion which depicts the Bank’s diligent approach on efficient capital management, improved asset quality and a high-yield portfolio.
The bank achieved an Operating Income of Rs 13.62 billion and a 2.37 percent Return on Total Assets, reflecting its commitment to delivering value.
The improvement in the Bank’s profitability also increased the earnings per share after tax to Rs 2.47, a significant jump from Rs 0.64 of the comparative period.
MCB Islamic Bank’s outstanding performance is a testament to its dedication to growth and prudent financial management. It is committed to consistently providing significant value to its stakeholders.
Copyright Business Recorder, 2023
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