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MCB Bank Limited, one of the largest commercial banks in Pakistan, revealed its record breaking profit, primarily fueled by a surge in interest-based income.
In the latest consolidated statement provided to the Pakistan Stock Exchange (PSX) on Tuesday, the bank disclosed a post-tax profit of Rs65.27 billion for the year 2023, marking an impressive growth of over 89% compared to the Rs34.45 billion recorded in the corresponding period of the previous year.
Arif Habib Limited (AHL) acknowledged MCB’s outstanding financial performance for the past year, attributing the substantial earnings boost to the overall increase in total income, as stated by the brokerage house.
MCB experienced a remarkable 65% growth in total income, reaching Rs200.82 billion in 2023, compared to Rs121.87 billion in 2022.
For the fiscal year ending on December 31, 2023, the bank declared a final cash dividend of Rs9 per share, equivalent to 90%, in addition to the interim dividend(s) already distributed at Rs21 per share, reflecting 210%.
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During the first half of the year (Jan-Jun), MCB Bank witnessed a staggering year on year increase of over 150% in earnings.
The profit before tax for this period surged to Rs137.52 billion, showcasing an 83% rise from the Rs75.34 billion recorded in the corresponding period of the previous year. Consequently, the earnings per share for the bank in 2023 stood at Rs54.94, a substantial increase from Rs29 in 2022.
MCB Bank’s net interest income in 2023 reached Rs165.42 billion, demonstrating a significant jump of 73% compared to the Rs95.97 billion reported a year earlier. Furthermore, non-markup income rose to Rs35.4 billion in 2023, up from Rs25.9 billion in 2022.
Throughout 2023, MCB observed a notable 28% increase in total non-markup interest expenses, reaching Rs63.57 billion, compared to Rs49.85 billion in the same period last year.