KARACHI: MCB Islamic Bank’s profit before tax has soared from Rs 595 million in June 2022 to an impressive Rs 4.013 billion for the half-year ended June 30, 2023. This achievement reflects the bank’s commitment to low-cost deposit mobilisation, prudent financing, and effective risk management.

The improvement in the bank’s profitability also increased earnings per share after tax to Rs1.26 for the period under review, against Re0.30 for the period in comparison.

Deposits have surged to Rs185 billion as compared to Rs154 billion as on Dec 31, 2022, reflecting a 20 percent growth. The bank’s Current and Saving Account (CASA) mix stands at a robust 79 percent, and non-remunerative Deposits constitute 39 percent of the total deposit mix, highlighting customer trust and strategic focus.

Total assets reached Rs 231 billion, a 16 percent increase from December 31, 2022, while Net Financing closed at Rs 93.13 billion and investments reached Rs 85.60 billion. Despite economic challenges, the bank achieved an operating income of Rs 7.78 billion, maintaining a net spread of 7.37 percent.

MCB Islamic Bank’s remarkable performance is a testament to its commitment to innovation, growth, and prudent financial management. It continues to set a high standard for the industry while delivering value to its stakeholders.

Copyright Business Recorder, 2023