MCB Bank’s profit down 20.9%

KARACHI: MCB Bank posted unconsolidated profit of Rs10.7 billion in the first half of 2016, down 20.9% from Jan-Jun 2015.

In a stock notice on Wednesday, MCB also announced an interim cash dividend of Rs4 per share, which takes the first half cumulative pay-out to Rs8 per share.

The result was below analysts’ expectations mainly because of lower capital gains realised during the period under review. In the second quarter alone, MCB posted a profit of Rs4.7 billion down 17% from the same period of the preceding year.

According to BMA Capital, the surprise in earnings in Apr-Jun is on the back of lower-than-anticipated capital gains realised amounting to Rs464 million against the expectation of Rs1.45 billion.

The stock price of MCB gained 0.24% on the stock exchange to close at Rs212.48 per share on Wednesday.

Published in The Express Tribune, August 11^th, 2016.

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