MCB Bank earnings record ‘massive jump’

Jun 27, 2023

KARACHI: MCB Bank Ltd posted consolidated earnings of Rs14.7 billion for April-June, up 542 per cent from a year ago, it told investors on Wednesday.

The rise in profitability was because of a “massive jump” in net interest and non-interest incomes, said Arif Habib Ltd.

According to an MCB press release, the bank “achieved substantial growth in core earnings” with a 65pc year-on-year increase in profit before tax, which stood Rs53.84bn for the half-year ending on June 30, 2023.

According to the bank, its profit-after-tax reached Rs26.69bn, a “remarkable growth of 140pc”.

Along with the result, the bank also announced a dividend of Rs7 per share.

Its effective tax rate during the quarter remained 56.6pc versus 87.4pc a year ago.

SNGPL earns Rs10.4bn

Meanwhile, shareholders of Sui Northern Gas Pipelines Ltd in the 58th Annual General Meeting of the company on Aug 1 approved the annual accounts for 2021-22 showing profit-after-tax of Rs10.4bn.

The shareholders also approved a cash dividend of Rs4 per share on the recommendation of the board of directors. Shareholders were informed that this was the sixth consecutive year that the company had declared dividends.

Published in Dawn, August 3rd, 2023

Dear visitor, the comments section is undergoing an overhaul and will return soon.