Lahore (PR): The Board of Directors of MCB Bank
Limited, met under the Chairmanship of Mian Mohammad Mansha, on February 8,
2017 to review the performance of the Bank and approve the financial statements
for the year ended December 31, 2016.
MCB Bank Limited reported a Profit Before Tax (PBT) of Rs36.07 billion and a Profit After Tax (PAT) of Rs21.89 billion. Net markup income of the Bank was reported at Rs43.8 billion, down by 11.25pc over last year. On the gross markup income side, the Bank reported a decrease of Rs12.97 billion which was mainly on account of decreased yields on advances and investments in-line with interest rate movements.
On the interest expense side, the Bank registered a decrease of Rs7.542 billion over last year, which was commensurate with the decreasing interest rate environment and Bank’s strategy to taper off its high cost deposits during the year. On the non-markup income front, the Bank reported a base of Rs16.22 billion with major contributions from fees & commissions, capital gains and dividend income. The administrative expense base (excluding pension fund reversal) recorded a nominal decrease of 0.67pc over last year depicting continued focus on cost control and deployment of cost-effective measures. On the provision front, the Bank subjectively downgraded its portfolio in the last quarter of 2016 on prudent basis.
MCB Bank Limited reported a Profit Before Tax (PBT) of Rs36.07 billion and a Profit After Tax (PAT) of Rs21.89 billion. Net markup income of the Bank was reported at Rs43.8 billion, down by 11.25pc over last year. On the gross markup income side, the Bank reported a decrease of Rs12.97 billion which was mainly on account of decreased yields on advances and investments in-line with interest rate movements.
On the interest expense side, the Bank registered a decrease of Rs7.542 billion over last year, which was commensurate with the decreasing interest rate environment and Bank’s strategy to taper off its high cost deposits during the year. On the non-markup income front, the Bank reported a base of Rs16.22 billion with major contributions from fees & commissions, capital gains and dividend income. The administrative expense base (excluding pension fund reversal) recorded a nominal decrease of 0.67pc over last year depicting continued focus on cost control and deployment of cost-effective measures. On the provision front, the Bank subjectively downgraded its portfolio in the last quarter of 2016 on prudent basis.
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