MCB Bank posts Rs63.5bn profit in 2024, down 3% YoY

MCB Bank Limited, one of Pakistan’s largest commercial banks, reported a profit-after-tax (PAT) of Rs63.47 billion in 2024, a decrease of nearly 3% against Rs65.27 billion recorded in 2023.

In its consolidated statement released to the Pakistan Stock Exchange (PSX) on Thursday, the bank’s Earning per Share (EPS) clocked in at Rs53.35 per share during the year as compared to earnings of Rs54.94 per share in 2023.

The bank announced a final cash dividend of Rs9 per share i.e. 90% for the year ended on December 31, 2024. This is in addition to an interim dividend(s) already paid at Rs27 per share i.e. 270%.

During the period, MCB earned a net interest income of Rs167.95 billion, higher than Rs165.42 billion recorded in the same period of the previous year.

MCB Bank posts Rs18.1bn profit in 3Q2024, down 8% YoY

In 2024, the bank saw its fee and commission income rise to Rs24.78 billion, a yearly growth of over 10%.

Whereas, MCB’s foreign exchange income stood at Rs9.6 billion in 2024, slightly higher than Rs9.2 billion in 2023.

The bank registered massive gains to the tune of Rs3.46 billion under the gain on securities in 2024, a jump of over 314% compared to a meagre Rs837 million recorded in 2023.

MCB’s total income grew by over 4% to Rs209.19 billion in 2024 up from Rs200.82 billion recorded in 2023.

During 2024, MCB saw its total non-markup interest expenses jump 19% to Rs75.57 billion, as compared to Rs63.57 billion in 2023. The increase is attributed to higher operating expenses during the period.

Consequently, its profit before tax during the said period clocked in at Rs131.18 billion, lower than Rs137.52 billion recorded in 2023, showing a decrease of nearly 5%.

The bank paid taxes to the tune of Rs67.71 billion in 2024, lower by over 6%, as compared to Rs72.25 billion in 2023.