Apr 23

SBP imposes Rs96 million as monetary penalties on top banks

KARACHI: The State Bank of Pakistan (SBP) has imposed around Rs96 million as monetary penalties on top banks for violating regulatory instructions, including instructions related to anti-money laundering (AML) and combating financing of terrorism (CFT), a notification said on Friday. The SBP imposed these penalties during quarter ended March 31, 2021 on Habib Bank Limited, […]

by admin

MCB Bank pays penalties amounting Rs191.76 million

Mar 6

Money & Banking

MCB Bank pays penalties amounting Rs191.76 million

KARACHI: MCB Bank has paid an amount of Rs191.76 million as penalties for various regulatory violations during the year ended December 31, 2020. According to financial results released by the bank for the year ended December 31, 2020, the bank paid the amount of Rs191.76 million to the State Bank of Pakistan (SBP) as penalties […]

by admin

MCB Bank declares 21pc rise in annual profit amid unprecedented growth in gain on securities

Feb 10

Corporate, Money & Banking

MCB Bank declares 21pc rise in annual profit amid unprecedented growth in gain on securities

KARACHI: MCB Bank on Wednesday declared over 21 percent increase in net profit for the year ended December 31, 2020, which may be attributed to unprecedented growth in gain on securities. The net profit of the bank grew to Rs29.04 billion for the year 2020 as compared with the profit of Rs23.97 billion in the […]

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Engro Fertilizers, MCB Bank introduce first electronic bank guarantee solution

Sep 8

Corporate

Engro Fertilizers, MCB Bank introduce first electronic bank guarantee solution

KARACHI: Engro Fertilizers Ltd and MCB Bank Ltd have partnered to accelerate digitization of financial products and developed Pakistan’s first-ever solution to electronically manage bank guarantees. With businesses adopting virtual operations and enforcing minimal physical interaction in the wake of COVID-19, Engro Fertilizers Ltd engaged MCB Bank Ltd, one of the leading Banks in the […]

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MCB Bank submits SOQ for SME Bank privatization

Feb 10

Money & Banking

MCB Bank submits SOQ for SME Bank privatization

KARACHI: MCB Bank Limited on Monday submitted a statement of qualification (SOQ) for participating in privatization of SME Bank Limited. In a notice to Pakistan Stock Exchange (PSX), the MCB Bank said that Privatization Commission, government of Pakistan advertized in December 2019 the privatization of SME Bank Limited via sale of 93.88 percent shares therein […]

by Anjum Shah

MCB Bank declares 14% growth in annual net profit

Feb 4

Money & Banking

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 […]

by Anjum Shah

SBP imposes Rs805 million penalty on 10 banks for violating AML, due diligence, forex regulations

Sep 6

Money & Banking

SBP imposes Rs805 million penalty on 10 banks for violating AML, due diligence, forex regulations

KARACHI: State Bank of Pakistan (SBP) has imposed penalty amounting Rs805.1 million on 10 banks for violating anti-money laundering, due diligence of customers and foreign exchange regulations during the month of August 2019. The central bank issued details on Friday about action taken by the SBP against banks in order to plug loopholes in the […]

by Anjum Shah

MCB Bank declares Rs10.67 billion net profit for first half

Aug 7

Corporate, Money & Banking

MCB Bank declares Rs10.67 billion net profit for first half

KARACHI: MCB Bank has declared Rs10.67 billion net profit for first half (January – June) 2019 as compared with the profit of Rs9.76 billion in the same half of the last year. According to financial results for the period January – June 2019 shared with Pakistan Stock Exchange (PSX) on Wednesday, the bank declared 11 […]

by Anjum Shah