Banks’ quarterly profits surge

MCB Bank Ltd said on Wednesday its earnings for July-September clocked in at Rs19.6 billion, up 112 per cent from a year ago. The jump in profitability was due to improved total income, according to Arif Habib Ltd. The bank’s bottom line expanded 34pc on a quarter-on-quarter basis. It also announced a dividend of Rs8 per share, which takes the total dividend paid so far in 2023 to Rs21 per share. Net interest income settled at Rs45bn in July-September, marking an increase of 80pc from a year ago. The effective tax rate for MCB Bank Ltd was 48.8pc during the quarter under review versus 54.3ps a year ago. The bank’s net income in the first nine months of 2023 amounted to Rs48.2bn, which is 134pc higher than the same period of 2022. According to a statement, MCB successfully sustained its growth momentum in core earnings to post historically high nine-month profit before tax of Rs. 88.1bn; registering an impressive increase of 71% on a year-on-year basis. The profit after tax was recorded at Rs44.1bn and translated into an earning per share of Rs37.25 compared to Rs16.75 reported in the corresponding period last year.