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MCB Bank’s 1st quarter profit dips 22pc

MCB Bank’s 1st quarter profit dips 22pc

KARACHI: MCB Bank’s first quarter profit-after-tax fell 22 per cent to Rs6.118bn translating into earnings per share of Rs5.52. It declared a cash dividend of Rs4 per share, said a report of Arif Habib Research on Tuesday.

The bank earned net interest income of Rs11.604bn for Jan-March 2016 against Rs12.023bn for the same period of last calendar year. However, the non-interest income fell sharply by 38.3pc to Rs3.055bn compared to Rs4.951bn in the same quarter last year.

“The bank booked provisioning reversal of Rs450 million during the quarter. Meanwhile, it has significantly improved its coverage ratio to 91 per cent in the last quarter and had 99.8pc non-performing loans (NPLs) in the loss category as of Dec 31, 2016,” said another report of Shajar Research.

The bank did not record any capital gain in the quarter, which is the prime reason behind fall in earnings, said the report.

Courtesy : Dawn News



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