KARACHI: In the first quarter of the current calendar year 2024, MCB Bank recorded a 27% increase in its profit-after-tax (PAT) to Rs16.6 billion, or earnings per share (EPS) of Rs13.97.
Under the direction of Mian Mohammad Mansha, the chairman of the board of directors, examined the bank’s operations and approved the condensed interim financial statements for the first quarter that concluded on March 31.
For the quarter, the board decided to distribute an interim cash dividend of Rs9 per share.
“Profit before tax increased to Rs32.5bn in the quarter with an impressive growth of 41pc, thanks to focused efforts of the bank’s management in maintaining no-cost deposits base and optimizing its earning assets mix,” the bank said in a press release.
In comparison to the same period last year, non-markup income increased by 54% to Rs9.1 billion, with the largest contributions coming from fee commission income, which increased by 46% to Rs6.1 billion, foreign currency dealing income, which increased by 97% to Rs1.9 billion, and dividend income, which increased by 55% to Rs1 billion during the quarter.
Bank Alfalah makes Rs. 10 billion.
For the first quarter of CY24, Bank Alfalah Ltd. (BAFL) reported PAT of Rs9.95 billion and EPS of Rs6.31. This indicates an 8 percent year-over-year decline but a 10 percent quarter-over-quarter growth.
Year-over-year, overall profitability decreased due to higher interest and operating expenses. But the main thing affecting profitability from quarter to quarter was reduced income. The bank consequently declared a cash dividend of Rs 2 per share.
Profits at Allied Bank soar
For 1QCY24, Allied Bank Ltd. (ABL) reported PAT of Rs11.6 billion and EPS of Rs10.14, up 51% over the previous year. On the other hand, it decreased by 5% on a quarterly basis (4QCY23 EPS: Rs10.7).
Decreased markup and non-markup income was the primary cause of the QoQ profits decline. On a year-over-year basis, however, increased revenue and provisioning reversals helped to boost total profitability.
