MCB’s 2014 consolidated profits stand at Rs24.7b versus Rs21.8b in 2013; profits at Rs6.2b against Rs4.2b

LAHORE – MCB Bank reported consolidated profits of Rs24.7 billion (EPS Rs22.15) for 2014 versus Rs21.8 billion (EPS Rs19.6) in 2013, up by 13pc.

In the fourth quarter of last year, its profits stood at Rs6.2bn (EPS Rs5.6) against Rs4.2bn (EPS Rs3.8) in 4Q2013, up by 46%YoY.

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MCB announced interim cash dividend of Rs4/share in addition to Rs10/share already announced during the year. Its Net Interest Income (NII) increased by 15%YoY to Rs43.6bn in the last year because of improving Net Interest Margins (NIMs). Its NIMs got support from higher yield on increasing PIB portfolio and volumetric growth in earnings assets.

Along with higher core income, higher Non-Interest Income also supported bottom line of bank. Non-interest income of MCB increased by 20% led by higher other income. On the other hand Non-interest expense increased by 10%. The bank booked provisioning reversals of Rs1.4b in 2014 as compared to Rs2.8b during the last year.