MCB Bank profit surges 82pc
The MCB Bank on Tuesday announced that its profit-after-tax (PAT) surged 82 per cent to Rs59.6 billion in 2023, translating into an earnings per share (EPS) of Rs50.32 compared to Rs27.63 in the preceding year. The bank’s board of directors in its meeting under the chairmanship of Mian Mohammad Mansha reviewed the performance and approved the financial statements for the year ended Dec 31, 2023. The bank earned a historic profit before tax (PBT) of Rs125.2 billion in 2023, registering an increase of 75pc over the preceding year. The board declared a final cash dividend of Rs9 per share i.e. 90pc, in addition to 210pc already paid, bringing the total to 300pc in 2023. “Aided by a strong volumetric growth in the current account and timely repositioning of the asset book, net interest income for 2023 increased by 69pc as compared to the last year,” the bank said in a press release.