MCB Bank declares 14% growth in annual net profit

KARACHI: MCB Bank Limited has declared 14 percent growth in annual profit for calendar year 2019 owing to significant increase in net mark-up income.

According to financial results for calendar year 2019 released on Tuesday, the bank declared Rs24 billion after tax profit as compared with Rs21 billion profit in the preceding year.

The bank also announced Rs20.23 as earning per share for the year as compared with EPS of 18.02 declared in the last year.

The net interest income of the bank registered 23 percent increase to Rs56.61 billion in calendar year 2019 as compared with Rs46 billion in the preceding year.

However, total non-markup income slightly fell to Rs16.6 billion in 2019 as compared with Rs17.19 billion in the last year.

Therefore, the total income of the bank rose to Rs76.29 billion in 2019 as compared with Rs63.2 billion in the preceding year.

Operating expenses of the bank were remained flat at Rs32.6 billion in 2019 as compared with Rs32.1 billion in preceding year.

The bank contributed income tax to the tune of Rs16.12 billion in the calendar year 2019 as compared with Rs10.7 billion in the preceding year, posting a significant increase of 51 percent.

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