KARACHI (Staff Report) – MCB Bank’s first quarter profit-after-tax decreased by 22 per cent to Rs 6.118 billion translating into earnings per share of Rs 5.52. It declared a cash dividend of Rs 4 per share.
“The bank booked provisioning reversal of Rs 450 million during the quarter. Meanwhile, it has significantly improved its coverage ratio to 91 percent in the last quarter and had 99.8 percent non-performing loans (NPLs) in the loss category as of December 31, 2016,” said Shajar Research report.
According to another report issued by Arif Habib Research, the bank earned net interest income of Rs 11.604 billion for Jan-March 2016 against Rs 12.023 billion for the same period of last calendar year. However, the non-interest income fell sharply by 38.3 percent to Rs 3.055 billion compared to Rs 4.951 billion in the same quarter last year.
The bank did not record any capital gain in the quarter, which is the prime reason behind fall in earnings, said the report.