Loug’s Post

MCB Bank Limited Q1 2024 Financial Report: Impressive Growth & Profit Surge. Under the visionary leadership of CEO and President Shoaib Mumtaz, MCB’s strategic focus on maintaining a robust no-cost deposits base and optimizing the mix of earning assets led to a substantial increase in profit before tax (PBT) for the first quarter of 2024, reaching an impressive Rs 32.5 billion, marking a 41 percent growth. Similarly, profit after tax (PAT) surged by 27 percent to reach Rs 16.6 billion, resulting in an earnings per share (EPS) of Rs 13.97 compared to Rs 11.02 in the corresponding period last year. Read More: https://lnkd.in/d9hqMtT7

MCB Bank Limited has announced its financial results for the nine-month period ending September 30, 2024, demonstrating strong #performance across all key financial indicators. The Bank’s Board of Directors, chaired by Mian Mohammad Mansha, approved the interim financial statements during a meeting held on October 23, 2024. The Board also declared a third interim cash dividend of Rs. 9.00 per share (90 percent), bringing the total cash dividend for the period to Rs. 27.00 per share (270 percent). #MCB continues to exhibit robust growth, crossing the Rs. 2 trillion mark in total #deposits, registering a 14 percent increase compared to December 2023. The Bank posted its highest-ever profit before tax (PBT) of Rs. 95.1 billion for the nine-month period, an 8 percent year-on-year increase. Profit after tax (PAT) rose to Rs. 48.5 billion, reflecting a 10 percent growth over the same period last year, resulting in earnings per share (EPS) of Rs. 40.88. On a consolidated basis, the Bank’s PBT was Rs. 104 billion. Read more: https://lnkd.in/dXR-hENC MCB Bank Limited, MCB Islamic Bank Ltd., State Bank of Pakistan (SBP), Arif Habib Limited, Pakistan Banks' Association, Shoaib Mumtaz #FintechNewsPakistan #MCBBank #MCB #SBP #Profit #Growth #PBT #PAT #EPS #BankDeposit #Banking #BankinginPakistan #Tech #digitalBanking #BankingInnovation #Fintech #PakistanFintechNews

MCB Bank announced our record breaking financial results for 3 qtrs of ‘24: PKR 95.1 billion profit before tax. The Bank joined the elusive PKR 2 trillion deposits club. Plenty of reasons to express gratitude to our customers, colleagues, & stakeholders. “The Bank’s focus on digital transformation and customer-centric innovations has played a pivotal role in this success.” …while we continue our market success and unwavering focus on digital transformation (iA), here are my learnings at the cutting edge of our transformation drive: 1. Get the basics right - before high tech 2. Scale can’t be at the cost of experience 3. Don’t overreach on projects & initiatives 4. Tech stack is a non-negotiable 5. People & partners matter a lot Stay tuned, because our best is yet to come! MCB Bank Limited #BankforLife #SucceedingCustomers #DesignDigital #WorkisFun

MCB Bank has announced strong financial results for the nine-month period ending September 30, 2024. Standalone profit before tax reached a record PKR 95.1 billion, reflecting an 8% increase year-on-year, while profit after tax rose by 10% to PKR 48.5 billion. The Board has also declared a third interim cash dividend of PKR 9.00 per share, bringing the total cash dividend for the period to PKR 27.00 per share. With total deposits crossing the PKR 2 trillion mark, a 14% increase over December 2023, MCB Bank continues to demonstrate robust growth. Key contributors include an 8% increase in net interest income and a 19% surge in non-markup income. The Bank’s focus on digital transformation and customer-centric innovations has played a pivotal role in this success. MCB Bank remains committed to enhancing operational efficiency and maintaining financial discipline, with a cost-to-income ratio of 30.93%. MCB operates the second-largest branch network (consolidated basis) in Pakistan, with over 1,650 branches, and remains one of the most capitalized and traded stocks in the local equity market. For more details, please visit: https://bit.ly/3UpvnGp  #Bank4Life #Q32024 #Financials

MCB Bank Limited has announced its impressive financial results for the nine-month period ended September 30, 2024, showcasing robust growth across key areas. The bank's total deposits have surpassed the Rs. 2 trillion mark, representing a 14% increase from December 2023. Profit before tax reached Rs. 95.1 billion, up 8% year-on-year, while profit after tax rose to Rs. 48.5 billion, up 10% year-on-year. MCB Bank's financial performance was driven by a strong increase in net interest income, which grew 8% year-on-year, and non-markup income, which surged 19% to Rs. 26.9 billion. The bank's total assets stood at Rs. 2.8 trillion, up 15.1% from December 2023, with net investments and gross advances increasing by Rs. 258 billion and Rs. 103 billion respectively. The bank's commitment to digital transformation has yielded impressive results, with strong growth across digital platforms. MCB Bank has also demonstrated prudent risk management, with a non-performing loan base of Rs. 55.1 billion and coverage and infection ratios of 91.98% and 7.59% respectively. MCB Bank's capitalization remains strong, with a Total Capital Adequacy Ratio (CAR) of 21.85%, Common Equity Tier-1 (CET1) to total risk-weighted assets ratio of 17.15%, and a Leverage Ratio of 6.17%. The bank has received numerous awards and recognitions, including a "AAA / A1+" rating from Pakistan Credit Rating Agency. . . . . . . . . #initiatemagazine #initiate #initiator #MCBBank #FinancialResults #Banking #Pakistan #Sustainability #Growth #Profitability #DigitalTransformation #RiskManagement #Capitalization #Awards #Recognition #AAA-rating #BankingExcellence #FinancialInclusion #EconomicGrowth

MCB Bank Limited has declared a second interim cash dividend of Rs. 9.0 per share, bringing the total cash dividend for the first half of 2024 to 180%. The bank's performance for the first half of the year was robust, with a Profit Before Tax (PBT) of Rs. 62.7 billion, a 16% increase, and a Profit After Tax (PAT) of Rs. 31.9 billion, a 20% rise, translating to an #EPS of Rs. 26.95. Net interest income grew by 12% year-over-year, while non-markup income surged by 30%, driven by significant contributions from fee commission income, foreign exchange income, and dividend income. Despite a challenging inflationary environment, MCB Bank Limited managed to contain its operating expenses, which increased by 18% primarily due to higher staff, utility, and IT-related costs. The bank maintained strong asset quality with Non-performing Loans (NPLs) at Rs. 57.0 billion and achieved a 10.1% growth in total assets, reaching Rs. 2.67 trillion. The deposit base grew by 13%, totaling Rs. 1.99 trillion. MCB's capital adequacy and liquidity ratios remained robust, with a CAR of 20.68% and LCR of 261.91%, respectively. The Pakistan Credit Rating Agency reaffirmed MCB's credit ratings at "AAA / A1+", underscoring its strong financial position and market presence. MCB Bank Limited, Pakistan Stock Exchange - PSX, Pakistan Banks' Association, Shoaib Mumtaz, Naeem Saigol #FintechNewsPakistan #MCBBank #PSX #PBA #MCBGrowth #H1Profit #Banking #PAT #PBT #EPS #CAR #LCR #BankProfit #ProfitafterTax #BrofitbeforeTax #MCBProfit #BankingSector #PSXCompanies #EarningPerShare #DigtalBanking #BankinginPakistan #Finance #Fintech #FintechNews #Pakistan #PakistanFintechNews

Askari Bank Limited has reported its financial performance for the first quarter of 2024, revealing a profit of Rs3.74 billion. While this reflects a 20.49% year-on-year decrease compared to the earnings of Rs4.7 billion in the same period last year (SPLY), the bank has demonstrated resilience amidst challenging economic conditions. Despite the decrease in profit, Askari Bank experienced an 8.22% year-on-year increase in its net interest income (NII), reaching Rs12.92 billion, compared to Rs11.94 billion in Q12023. This growth in NII underscores the bank's effective management of its interest-earning assets and liabilities. Furthermore, the bank's total non-markup income surged by 22.57% year-on-year to Rs3.85 billion, driven by a significant rise in fee and commission income as well as foreign exchange income. This diversification of income sources reflects Askari Bank's robust business model and its ability to generate revenue from various sources. Additionally, the bank witnessed a notable improvement in its securities trading, reporting a profit of Rs273.55 million compared to a loss of Rs91.32 million in Q12023. This positive performance in securities trading contributes to the bank's overall profitability and strengthens its financial position. Overall, despite facing challenges, Askari Bank Limited continues to demonstrate resilience and adaptability, maintaining a strong financial performance and positioning itself as a key player in the banking industry. #askari #profit #bank #billion #firstquarter #banking #profit

Continuing it’s growth trajectory, MCB Islamic Bank’s profit before tax has soared to PKR 2.27 Billion for the first quarter of 2024, demonstrating 56% growth on year-on- year basis. This achievement reflects the bank's strategic approach focused on sustained growth, timely adherence to prudent financing practices, robust risk management and strict regulatory compliance. Deposits remained stable at PKR 203.87 Billion, compared to PKR 204.46 Billion as of December 31, 2023 indicating consistency. The bank's Current and Saving Account (CASA) mix stands at a robust 75%, and non-remunerative Deposits constitute 29% of the total deposit mix, highlighting customer trust and strategic focus. Total assets reached PKR 268.85 Billion while Net Financing closed at PKR 107.68 Billion and investments reached PKR 115.20 Billion which depicts the bank’s unwavering focus on efficient capital management, improved asset quality and a high-yield portfolio. The bank achieved an operating income of PKR 4.46 Billion, 41% higher than corresponding period last year, achieving return on earning assets at 18.64%. The improvement in the Bank’s profitability also increased the earnings per share after tax to PKR 0.74 as opposed to PKR 0.54 for the comparative period. MCB Islamic Bank's performance mirrors its steadfast dedication to growth. Despite encountering challenges within the economic and operational landscape, the bank has navigated its path with a focus on sustained growth. Furthermore, it remains committed to consistently delivering substantial value to its stakeholders. We extend our gratitude to our valued customers for their continuous support and trust, which has allowed us the privilege to fulfill their financial obligations. #MCBIslamicBank #MCB #IslamicBanking #BaBarkatBankariHamariZimadari #FirstQuarter2024

MCB Islamic Bank Ltd. Bank's board has approved interim financial statements, declaring a third interim cash dividend of Rs 9 per share, totaling Rs 27 per share for the first nine months. The bank surpassed Rs2 trillion in total deposits, reflecting a 14% increase since December 2023. For the nine-month period ending September 30, 2024, MCB reported a profit before tax of Rs 95.1 billion and a profit after tax of Rs48.5 billion, resulting in earnings per share of Rs 40.88. Notable growth in net interest income (up 8%) and non-markup income (up 19%) contributed to this success. Despite a 17% increase in expenses, the bank maintained a cost-to-income ratio of 30.93%. With total assets of Rs 2.8 trillion, MCB's robust deposit mobilization efforts have led to significant growth in current deposits and an improved CASA ratio of 97.17%. The bank also attracted $3,195 million in home remittance inflows, capturing a 12.5% market share, and improved its Capital Adequacy Ratio to 21.85%. #MCBBank #FinancialResults #DepositsMilestone #InterimDividend #ProfitGrowth #BankingSector #PakistanEconomy #CASA #HomeRemittances #Investment

In today’s banking landscape, some financial milestones are less a cause for celebration and more a reason for concern. The record profits achieved by banks in Pakistan reflect a strategy that has piled on low-risk loans to the public sector, prioritizing immediate stability and returns over meaningful contributions to economic growth. By leaning heavily on non-risky lending rather than supporting private sector innovation and entrepreneurship, banks have limited the potential for long-term, sustainable economic development. This approach may safeguard their bottom lines, but it inadvertently weakens the broader economic ecosystem, stifling opportunities for new businesses and ultimately impacting everyone. It’s time for a shift towards a more active and impactful banking approach—one that’s willing to take calculated risks to empower private sector growth and drive the kind of inclusive economic progress Pakistan needs. #BankingIndustry #EconomicGrowth #FinancialInclusion #Pakistan #SustainableDevelopment