CY2023: MCB Islamic Bank posts pre-tax profit of Rs10.6bn

KARACHI: The Board of Directors of MCB Islamic Bank Ltd. in its meeting under the Chairmanship of Raza Mansha, reviewed the performance of the Bank and approved the financial statements for the year ended December 31, 2023.

The bank posted a remarkable profit before tax of Rs 10.6 billion for the year ended December 31, 2023 as compared to Rs 3.2 billion in 2022. This achievement has been a result of leveraging low-cost deposit mobilization, timely investment ventures, and adherence to prudent financing practices.

Deposits have increased to Rs 204 billion, reflecting an impressive 33 percent growth compared to Rs 154 billion as of December 2022. The Bank’s Current and Saving Account (CASA) mix stands at a healthy 74 percent, with non-remunerative Deposits comprising 31 percent of the total deposit mix. Notably, the Bank achieved substantial growth of Rs 13.33 billion (27%) in Current Accounts during the year highlighting customer trust and strategic focus.

Total assets reached Rs 267 billion while Net Financing closed at Rs 89.35 billion and investments rose to Rs 132.54 billion which depicts the bank’s concentration on efficient capital management, superior asset quality, and a high-yielding portfolio. The bank achieved an operating income of Rs 18.92 billion.

The P&L statement of the bank showcased a robust performance with profit after tax of Rs 5.153 billion for the year, demonstrating a significant improvement compared to PKR 1.548 billion in the preceding year.

The improvement in the Bank’s profitability also increased the earnings per share after tax to Rs 3.314 as opposed to Rs 0.996 for the comparative period.

MCB Islamic Bank’s remarkable achievements portray its unwavering commitment to fostering growth and practicing sound financial management. The bank is steadfast in its dedication to consistently delivering substantial value to its stakeholders.