MCB Bank posts earnings of Rs16.8bn in 2Q2024, up over 14% YoY

MCB Bank Limited, one of Pakistan’s largest commercial banks, reported profit-after-tax (PAT) of Rs16.79 billion in the quarter ended June 30, 2024, an increase of over 14% against Rs14.67 billion recorded in the same period of the previous year (SPPY).

In its consolidated statement released to the Pakistan Stock Exchange (PSX) on Wednesday, the bank’s Earning Per Share (EPS) clocked in at Rs14.17 per share during the quarter, as compared to earnings of Rs12.38 per share in SPPY.

The bank announced an interim cash dividend of Rs9 per share i.e. 90% for the half year ended on June 30, 2024. This is in addition to an interim dividend(s) already paid at Rs9 per share i.e. 90%.

“Earnings in line with industry expectations,” said market experts.

During the period, MCB earned net interest income on Rs41.15 billion, slightly lower than Rs41.17 billion recorded in same period of the previous year.

In 2Q2024, the bank saw its fee and commission income increase to Rs5.99 billion, a yearly jump of 14%.

Whereas, MCB’s foreign exchange income stood at Rs3.08 billion in 2Q2024, from Rs2.87 billion in SPPY.

MCB’s total income grew by nearly 2% to Rs51.01 billion in 2Q2024 up from Rs50.08 billion recorded in 2Q2023.

During 2Q2024, MCB saw its total non-markup interest expenses jump 19% to Rs17.97 billion, as compared to Rs15.09 billion in SPPY.

Its profit before tax during the said period clocked in at Rs33 billion from Rs33.82 billion recorded in the same period the previous year, showing a decrease of over 2%.

However, the bank paid taxes to the tune of Rs16.16 billion in 2Q2024, lowered by nearly 16%, as compared to Rs19.13 billion in 2Q2023.