MCB Bank Limited on Wednesday announced 10 per cent growth in net annual profit to Rs34.45 billion for the year ended December 31, 2022 as compared with Rs31.33 billion in the preceding year.
The bank shared its annual results with the Pakistan Stock Exchange (PSX). It announced basic and diluted earnings per share attributable to ordinary shareholders at Rs 29 for the year ended December 31, 2022 as compared with Rs26.31 in the preceding year, according to the consolidated results.
The board of directors of MCB Bank Limited in their meeting on Wednesday February 8, 2023 recommended an interim cash dividend for the quarter ended December 31, 2022 at Rs6 per share i.e. 60 per cent. This is in addition to interim dividends already paid at Rs14 per share i.e. 140 per cent.
Highlights of the financial results revealed that the bank recorded massive increase in foreign exchange income. However, the payment tax during the year also grew sharply.
The foreign exchange income of the bank posted an increase of 149 per cent to Rs9.59 billion during the year under review as compared with Rs3.85 billion in the preceding year. The surge in foreign exchange income may be attributed to massive depreciation in rupee value against the dollar during the year.
On the other hand the payment of income tax by the bank surged by over 86 per cent to Rs41 billion for the year ended December 31, 2022 when compared with Rs22 billion in the preceding year. The rise in incidence of tax may be attributed to latest changes in taxation for the banking sector.
Profit before tax of the bank increased to Rs75.34 billion for the year under review when compared with Rs53.27 billion.
Net Markup Income of the bank surged to Rs96 billion as against Rs68.38 billion. The total income of the bank grew to Rs122 billion as compared with Rs89 billion.
Operating expenses of the bank rose to Rs48 billion for the year ended December 31, 2022 as compared with Rs40.59 billion.