Oct 29

SBP imposes over Rs290 million as penalty on six commercial banks

KARACHI: State Bank of Pakistan (SBP) on Friday imposed over Rs290 million as monetary penalty on six commercial banks for violating regulatory instructions pertaining to Customer Due Diligence (CDD) and Know Your Customer (KYC) during quarter ended September 30, 2022. The central bank imposed the monetary penalty on commercial banks included: Bank Al Habib Limited; […]

by Faisal Shah

MCB Bank declares highest ever quarterly profit before tax

Oct 26

Corporate, Money & Banking

MCB Bank declares highest ever quarterly profit before tax

LAHORE: MCB Bank Limited on Wednesday announced the highest ever quarterly profit before tax of Rs19.05 billion in the third quarter ended September 30, 2022. With strong build up in core earnings, MCB’s Profit Before Tax (PBT) for the nine months period ended September 30, 2022 increased to Rs 51.6 billion against PBT of Rs […]

by Hamza Shah

MCB Bank decides not to acquire Easypaisa

Aug 23

Money & Banking

MCB Bank decides not to acquire Easypaisa

KARACHI: MCB Bank – one of the largest banks in Pakistan – has decided not to acquire stake in Easypaisa, according to analyst briefing held on Tuesday. “The due diligence of easypaisa has been done and the bank has decided not to pursue acquisition of stake in the entity,” the management informed the analysts. Easypaisa […]

by Faisal Shah

MCB Bank registers 71% decline in profit for 2QCY22

Aug 17

Corporate, Money & Banking

MCB Bank registers 71% decline in profit for 2QCY22

KARACHI: MCB Bank on Wednesday announced sharp decline of 71 per cent in profit for the second quarter ended June 30, 2022. According to financial results submitted to Pakistan Stock Exchange (PSX), the bank announced profit after tax of Rs2.29 billion for the quarter ended June 30, 2022 as compared with Rs7.87 billion in the […]

by Faisal Shah

Mastercard partners with MCB Bank to empower SMEs in Pakistan

Jul 19

Money & Banking

Mastercard partners with MCB Bank to empower SMEs in Pakistan

LAHORE: Mastercard and MCB Bank have signed an agreement to boost financial inclusion and empower Small and Medium Enterprises (SMEs) in Pakistan. The agreement was signed between J.K. Khalil, Cluster General Manager, MENA East, Mastercard and Shoaib Mumtaz, President & CEO, MCB Bank at MCB House, Lahore. Senior members from both organizations were also present […]

by Hamza Shah

MCB Bank finalizing Easypaisa acquisition

May 10

Corporate, Money & Banking

MCB Bank finalizing Easypaisa acquisition

KARACHI: MCB Bank is in final stage for making decision regarding acquisition of Easypaisa, top management of the bank said on Tuesday. “The bank is in final stages of making a decision on potential Easypaisa acquisition and the announcement in this regard will be made shortly,” the management told at analyst briefing. Management indicated that […]

by Faisal Shah

Sri Lankan default impact on Pakistani banks

Apr 18

Money & Banking, Top stories

Sri Lankan default impact on Pakistani banks

KARACHI: Pakistani banks operating in Sri Lanka will have adverse effect on their books due to declaration of Sri Lanka for failure to repay its foreign debt. In a recent development, Sri Lanka announced that it would be defaulting on its external obligations due to dwindling foreign exchange reserves. Sri Lanka’s total external debt currently […]

by Faisal Shah

MCB Bank gets approval for Telenor Bank due diligence

Feb 21

Corporate, Money & Banking

MCB Bank gets approval for Telenor Bank due diligence

KARACHI: State Bank of Pakistan (SBP) has granted MCB Bank to conduct due diligence for the purchase of 55 per cent shares of M/s. Telenor Microfinance Bank, a statement said on Monday. According to it the SBP had granted in-principal conditional approval to MCB to conduct due diligence for a potential transaction for the purchase […]

by Faisal Shah

MCB Bank declares highest ever Rs52 bn profit before tax

Feb 10

Money & Banking

MCB Bank declares highest ever Rs52 bn profit before tax

LAHORE: MCB Bank on Thursday announced the highest ever annual profit before tax at around 52 billion for the year ended December 31, 2021 The profit before tax for the preceding year was Rs48.248 billion. The Board of Directors of the bank in its meeting under the Chairmanship of Mian Mohammad Mansha, on February 10, […]

by Anjum Shah

President Alvi rejects MCB Bank’s appeal in fraud case

Nov 25

Money & Banking

President Alvi rejects MCB Bank’s appeal in fraud case

ISLAMABAD: President of Pakistan, Dr. Arif Alvi has rejected an appeal filed by MCB Bank against a decision by the Banking Mohtasib (Ombudsman) in a case where a banking customer lost huge money due to fraudulent activity. President Dr Arif Alvi has upheld the decision of the Banking Mohtasib directing a private bank to credit […]

by Faisal Shah