Karachi, September 18, 2023 – MCB Bank has announced its intention to establish an exchange company with an initial paid-up capital of Rs 10 billion. The decision was communicated in a statement released to the Pakistan Stock Exchange (PSX).
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MCB Bank, among Pakistan’s largest commercial banks, is closely followed by Pakistan Revenue, which provides timely updates on its financial performance and key corporate developments to readers.
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MCB Bank Achieves Historic 150% Profit Growth in 1HCY23
Karachi, August 2, 2023 – MCB Bank, one of the largest banks in Pakistan, stunned investors by announcing an exceptional financial performance with a remarkable 150 percent growth in profit after tax (PAT) for the first half of the calendar year 2023.
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Zong 4G and MCB Bank Join Forces for Enhanced Mobile Experience
Karachi, June 26 – Zong 4G, a leading telecom operator in Pakistan, is excited to announce its strategic partnership with MCB Bank, a renowned financial institution in the country.
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MCB Bank unveils advanced ATM upgrade across Pakistan
MCB Bank Limited (MCB) has recently introduced a comprehensive technological enhancement for its existing ATM network.
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MCB Bank rules out further policy rate hike by SBP
MCB Bank, one of Pakistan’s leading banks, has announced its stance on the benchmark policy rate set by the State Bank of Pakistan (SBP), ruling out the possibility of further rate hikes.
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MCB Bank shows impressive growth in 1QCY23; registers 46% increase in profit after tax
MCB Bank has shown impressive growth in first quarter of calendar year 2023 and posted 46 percent rise in profit after tax.
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MCB Bank expects up to 200 basis points increase in benchmark interest rate
KARACHI: MCB Bank is expecting up to 200 basis points increase in benchmark interest rates in near terms, according to conference call held on February 20, 2023.
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MCB Bank registers 10pc increase in annual profit; forex income surges 149pc
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.
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MCB Bank, Telenor partner to facilitate digital banking customers
LAHORE: MCB Bank Limited, one of Pakistan’s leading banks, has entered into a strategic partnership with Telenor Pakistan, a leading telecommunication services provider, to facilitate its digital banking customers
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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; Meezan Bank Limited; National Bank of Pakistan; MCB Bank Limited; JS Bank Limited; and Faysal Bank Limited.
The highest amount of penalty of Rs140.03 million has been imposed on Bank Al Habib Limited for violating regulatory instructions pertaining to CDD/KYC, Asset Quality, Foreign Exchange and general banking operations.
The SBP directed Bank Al Habib Limited that besides payment of monetary penalty it should strengthen its control/process in the identified areas.
The second highest penalty of Rs81.72 million has been imposed on Meezan Bank Limited for the same regulatory violations. The SBP also imposed penalties, included: Rs25.875 million on National Bank of Pakistan; Rs19.223 million on MCB Bank Limited; Rs13.49 million on JS Bank Limited; and Rs10.025 million on Faysal Bank Limited.
The SBP from July 2019 started public disclosure of penal action against banks. “Enforcement actions are an integral part of the regulatory regime which involves imposition of monetary penalties and other actions against institutions and individuals for violations of laws, rules, regulations, guidelines or directives issued by SBP from time to time,” according to a circular issued by the central bank.
In order to bring more transparency and strengthen market discipline, SBP has decided to publicly disclose significant enforcement actions.