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Business & Finance

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.
Updated 27 Oct 2020
Source: ProPakistani
Source: ProPakistani

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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2 Comment(s)
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Shaukat Hayat Oct 27, 2020 11:11pm
MCB may be doing good business, but its online banking is way behind other banks. That's why it failed to provide mobile banking facility even during the pandemic. When contacted a main branch in University Town , Peshawar , regarding my registration for mobile banking , they expressed their helplessness. I also sought help from the help line. But, the operator ,after confirming my basic information, assured me that I would recieve a call about your registration, but I recieved none. I tried twice for registration, but failed to do so. Another problem that I faced lately was that failed to transfer funds to NBP via ATM as its name was not included in the lists of banks appearing on ATM screen. So, my request is that MCB should try to upgrade its online banking for providing better services to its customers ,specially in emergency situation like Covid, otherwise it would lose its customers
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Javed Nazir Oct 27, 2020 11:45pm
Your customer services suck, your complaint resolution is worst among other banks, your mobile banking is horrible , your employees look horrified in branches No wonder you got 75 increase in Profits I am one of your oldest customer since 1987 in MCC branch Islamabad I once met Mr Zargham in Lahore head office to elaborate all cunning tactics used by complaint department but all in vane Javed Nazir 03008554931
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