Pakistan News

Earnings of MCB, Faysal, Meezan rise

Earnings of MCB, Faysal, Meezan rise

KARACHI: MCB Bank reported on Wednesday that its profit for January-September amounted to Rs19.14 billion, up 9.83 per cent year-on-year.

The board declared the third interim cash dividend of Rs4 per share on top of the payout of Rs8 per share so far in 2017.

Net interest income increased 11pc in the third quarter year-on-year. Fee income posted a growth of 37pc over the same period. Capital gains of Rs875 million were in line with analysts’ expectations.

Administrative expenses grew 21.7pc “mainly on account of NIB Bank merger” in the third quarter, the bank said in its press release.

FAYSAL BANK: The bank earned a profit of Rs3.82bn in the first nine months of 2017, up 2pc from a year ago.

The bank said in a press release it improved its margins by reducing the cost of deposits and increasing its lending book. Recoveries of non-performing loans resulted in the net reversal of provisions of Rs765m against the charge of Rs285m in the corresponding period last year.

MEEZAN BANK: The bank posted a consolidated profit of Rs4.59bn for January-September, up 0.76pc year-on-year.

In the July-September quarter, earnings amounted to Rs1.46bn, up 3.99pc year-on-year. “Other income” posted a growth of 33pc on a 75pc rise in fee income. The bank also posted 17pc growth in operating expenses, keeping the cost-to-income ratio at 62pc.

Published in Dawn, October 26th, 2017

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