MCB Bank Reports Remarkable 71% Increase in Q3 Profit Before Tax and Declares Dividend of Rs. 8.0 Per Share

MCB Bank Limited (MCB) has revealed significant growth in its Q3 2023 financial performance, underlined by a remarkable 71% increase in Profit Before Tax (PBT). The financial statements also highlighted the declaration of a 3rd interim cash dividend, bringing the total cash dividend to 210% for the nine months period ending September 30, 2023.

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According to a news release by MCB Bank, the Bank’s Board of Directors convened under the chairmanship of Mian Mohammad Mansha on October 25, 2023, to review the Bank’s performance and approve the interim financial statements. The Bank’s management’s strategic efforts, focusing on building no-cost deposits and refining its earning assets mix, led to a notable PBT of Rs. 88.1 billion for the nine months. Furthermore, the Profit After Tax (PAT) stood at Rs. 44.1 billion, resulting in an Earning Per Share (EPS) of Rs. 37.25, a substantial rise from the Rs. 16.75 EPS reported in the same period the previous year.

MCB’s net interest income increased by 73% due to significant growth in the current account and timely adjustments to the asset book. Non-markup income also saw an uptick, with significant contributions from fee commission income, income from foreign currency dealings, and dividend income. The Bank also highlighted a 38% growth in fee commission income, attributing it to a diversified revenue stream, digital transformation investments, and commitment to service excellence.

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MCB Reports Operational Expenses of Rs. 37.4 Billion, Increasing 23%, Offset by Improved Cost-to-Income Ratio at 29%

Operational expenses for MCB were reported at Rs. 37.4 billion, a 23% increase, which the Bank attributed to factors such as inflation, currency devaluation, and continuous investments in human resources and technology. However, the Bank’s cost to income ratio improved from 37% last year to a more efficient 29% in the current period.

On the risk management front, MCB emphasized its proactive approach in navigating a challenging economic environment and maintaining the quality of its assets. The Bank’s Non-performing loan (NPLs) base was reported at Rs. 54.6 billion as of September 30, 2023.

The Bank’s total asset base expanded by 15%, amounting to Rs. 2.39 trillion. The net investments saw an increase, while gross advances experienced a decrease compared to the figures from December 31, 2022. MCB’s focus on building no-cost deposits resulted in a 30% growth in average current deposits.

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MCB Bank Achieves Remarkable Growth in Home Remittance Sector, Securing Inflows of USD 2,369 Million and Expanding Market Share to 12.3%

In terms of market performance, the Bank made significant strides in the home remittance sector, attracting inflows of USD 2,369 million and expanding its market share to 12.3%.

As for regulatory compliance, MCB maintained a strong position with its Capital Adequacy Ratio (CAR) at 20.26%, well above the mandated requirement. Furthermore, the Pakistan Credit Rating Agency re-affirmed MCB’s credit ratings at “AAA / A1+” in its June 23, 2023 notification.

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