KARACHI: MCB Bank reported on Wednesday an unconsolidated profit
after tax of Rs21.89bn for 2016, down 14.3 per cent from a year ago.
According to a stock notice, the bank also declared a final cash
dividend of Rs4 per share, which is in addition to the interim dividend of Rs12
per share already paid to shareholders, taking the dividend payout ratio to
81.34pc.
Net markup income of the bank was reported at Rs43.8bn, down
11.25pc from a year ago.
The bank registered a decrease of Rs7.54bn in interest expense
over the last year, which was commensurate with the decreasing interest rate
environment and the bank’s strategy to taper off its high-cost deposits during
the year, a press release said. On the non-markup income front, the bank
reported a base of Rs16.22bn with major contributions from fees and
commissions, capital gains and dividend income.
The administrative expense base, excluding the pension fund
reversal, recorded a nominal decrease of 0.67pc, depicting a continued focus on
cost control and deployment of cost-effective measures, it added.
As for provisions, the bank downgraded its portfolio in the last
quarter of 2016 on a prudent basis, the press release said.
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