KARACHI: MCB Bank has posted record quarterly profit before tax of Rs9.7 billion as compared to Rs9.4 billion reported in the current quarter, with the profit growth of 7 per cent, contributed by 12pc increase in Net Markup Income.
The Board of Directors of MCB Bank Limited, met under the Chairmanship of Mian Mohammad Mansha, to review the performance of the Bank and approved the financial statements for the nine months period ended September 30, 2014.
On Gross Markup Income side, the Bank recorded an increase of Rs 8.3 billion with major contributions from investments. The interest expense registered an increase of Rs4.7 billion over corresponding period of last year.
On the Non-markup Income front, the Bank registered significant contributions from fee income, dividend income, income from dealing in foreign currencies and other income. The administrative expense base (excluding pension fund reversal) recorded an increase of approximately 11pc which consummates with increased operational and infrastructural outreach.
Earnings per share for the period came to Rs16.28 as compared to Rs15.44 for 2013. MCB reported return on assets of 2.87 per cent, whereas return on equity was reported at 23.93 per cent. The board of directors declared third interim cash dividend of Rs3.5 per share for the period ended Sept 30 which is in addition to Rs6.5 per share interim dividends already paid to shareholders.
