MCB’s profit goes down by 22.3% compared to last year

MCB’s profit goes down by 22.3% compared to last year

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KARACHI: MCB Bank Ltd earned profit after tax of Rs4.78 billion in the first quarter of 2018, registering a dip of 22.3% compared to the corresponding period of last year.

On Wednesday, the bank’s board met under the chairmanship of Mian Mohammad Mansha on Wednesday and approved the first quarter financial statements, declaring first interim cash dividend of Rs4 per share for the three months period ended March 31, 2018.

MCB’s pre-tax profit also decreased by 22.9% to Rs7.31bn compared to the same period of last year. The bank said the profits fell primarily on account of a one-off pension related expense amounting to Rs2.03 billion, in compliance with the Supreme Court’s order, raising the minimum pension to Rs8,000 per month.

The bank earned Rs11bn as net markup, up 12.97% from the corresponding period of last fiscal year while the non-markup income decreased by 17pc over 1QCY17 to Rs4.3 billion.

Earnings per share (EPS) for the quarter came to Rs4.03 versus Rs5.52 during the same period last year. Return on assets and return on equity stood at 1.46% and 13.99% respectively, whereas book value per share amounted to Rs115.35.

 

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