Corporate results: MCB posts Rs5.51b profit
Registered a growth of 17% over the corresponding period of last year.
A substantial reversal of Rs583 million in the provision charge is reflective of the prudent provision strategy adopted by the bank. PHOTO: FILE
Despite offering higher rates on its savings and term deposits, as mandated by the central bank on minimum deposit, the operational profit for the MCB Bank improved in the quarter ended March, 31 2014 as its net interest margin increased by 3% over March 2013.
MCB Bank focused on improving its non-markup income proportion and registered a growth of 17% over the corresponding period of last year. The administrative expense base (excluding pension fund reversal) recorded an increase of approximately 12%. A substantial reversal of Rs583 million in the provision charge is reflective of the prudent provision strategy adopted by the bank. All this translated into a profit after tax at Rs5.51 billion.
This was announced after the Board of Directors (BoD) of MCB Bank that met under the chairmanship of Mian Mohammad Mansha, to review the performance of the bank and approve financial statements for the quarter ended March 31, 2014.
Published in The Express Tribune, April 23rd, 2014.
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