Jan-Jun: MCB Bank’s earnings increase over 150% year-on-year

MCB Bank Limited on Wednesday reported a massive surge in its half-year profit, largely driven by an increase in its interest-based income.

In a consolidated statement to the Pakistan Stock Exchange, the bank posted a profit after tax of Rs28.6 billion, with a 151% increase against Rs11.3 billion recorded in the same period of the previous year.

Its total income grew by 61% to Rs89.6 billion from Rs55.4 billion recorded in the first half of 2022.

The H1CY23 profit of MCB Bank is its highest-ever half-yearly profit, brokerage house Arif Habib Limited said.

The bank announced an interim cash dividend of Rs7 per share for the half year ended on June 30, 2023. This is in addition to interim dividend(s) already paid at Rs6 per share.

Its profit before tax during the said period increased to Rs58.4 billion from Rs33.4 billion recorded in the same period the previous year.

Earnings per share of the bank for H1 2023 stood at Rs24.13 compared to Rs9.59 in the same period last year.

The bank’s net interest income during H1 2023 increased to Rs74.2 billion from Rs42.2 billion a year earlier. Non-markup income rose to Rs15.3 billion, against Rs13.2 billion in the H1 2022.

For the second quarter of CY23, MCB Bank announced a consolidated profit of Rs14.7 billion (EPS: Rs 12.38), depicting a phenomenal increase of 542% year-on-year and 27% quarter-to-quarter on the back of its increased income.