MCB Bank Limited, one of Pakistan’s largest commercial banks, reported a profit-after-tax (PAT) of Rs18.13 billion in the quarter ended September 30, 2024, a decrease of nearly 8% against Rs19.66 billion recorded in the same period of the previous year (SPPY).

In its consolidated statement released to the Pakistan Stock Exchange (PSX) on Wednesday, the bank’s Earning Per Share (EPS) clocked in at Rs15.27 per share during the quarter as compared to earnings of Rs16.57 per share in SPPY.

The bank announced an interim cash dividend of Rs9 per share i.e. 90% for the nine months ended on September 30, 2024. This is in addition to an interim dividend(s) already paid at Rs18 per share i.e. 180%.

“Earnings (are) in line with industry expectations,” said market experts.

MCB Bank posts earnings of Rs16.8bn in 2Q2024, up over 14% YoY

During the period, MCB earned a net interest income of Rs44.89 billion, slightly lower than Rs44.95 billion recorded in the same period of the previous year.

In 3Q2024, the bank saw its fee and commission income marginally decrease to Rs5.93 billion, a yearly decline of 1%.

Whereas, MCB’s foreign exchange income stood at Rs2.83 billion in 3Q2024, from Rs2.51 billion in SPPY.

MCB’s total income grew by nearly 1% to Rs54.57 billion in 3Q2024 up from Rs54.11 billion recorded in 3Q2023.

During 3Q2024, MCB saw its total non-markup interest expenses jump 16% to Rs19.33 billion, as compared to Rs16.68 billion in SPPY.

Its profit before tax during the said period clocked in at Rs35.63 billion, lower than Rs38.43 billion recorded in the same period the previous year, showing a decrease of over 7%.

The bank paid taxes to the tune of Rs17.49 billion in 3Q2024, lower by over 5%, as compared to Rs18.76 billion in 3Q2023.