MCB Profits rise by an impressive 75pc
- MCB Bank Limited had a stellar year with a 75pc increase in profits after tax during the third quarter of the current financial year.
The Profit After Tax (PAT) of MCB increased by around 75 percent in the third quarter of 2020 as compared to the same period last year.
The PAT for MCB Bank Limited and subsidiary companies was recorded around Rs.10.038 billion in the quarter ending on 30th September 2020. The results translate into earnings per share (EPS) of Rs.8.42 as compared to EPS of Rs.4.84 in the same period last year.
The rise in profits comes from an increase in the total income which rose to Rs.27.4 billion in the three months ended on September 30, 2020, as compared to Rs.20.08 billion in the same quarter last year.
This increase in income can be attributed mainly to a gain on securities, which has grown to Rs.2.935 billion in the third quarter of 2020 from a loss of Rs.9.197 million in the same period last year.
On the other hand, the total non-markup/interest expenses for MCB Bank Limited and subsidiary companies have increased to Rs.9.889 billion in July-September 2020 from Rs.9.826 billion in the same months last year. Despite a decrease in operating expenses and other charges, the total expense grew due to a rise in expenses allocated for the worker's welfare fund.
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