KARACHI: The MCB Bank Limited has announced 22 percent decrease in profits for the third quarter of ongoing fiscal year.
In its consolidated condensed profit and loss report issued to the PSX, the MCB Bank announced an after-tax-profit of Rs6.14 billion for the quarter against Rs7.88 billion recorded in the same period of the last year.
The bank has also announced an interim cash dividend of Rs4 per share for the quarter. It announced earnings per share (EPS) at Rs5.50 against Rs7.06 during the same quarter of 2015.
A decline in the discount rate also affected the income of the bank, which earned interests of Rs18.01 billion during the period against Rs20.65 billion a year ago, while it recorded interest expenses of Rs6.41 billion against Rs8.62 billion last year.
The major reason for a decline in the profits is a downfall of 93 percent in gain on sale of securities to Rs162.23 million, while it booked hefty capital gains of Rs2.27 billion in the first quarter of 2015.
The MCB Bank notified that the profit attributable to ordinary shareholders is Rs6.11 billion after deduction of Rs29.95 million on account of profit attributable to non-controlling interest.
