Wednesday, February 21, 2024

MCB Islamic Bank Posts Phenomenal Pre Tax Profit of PKR 10.6 Billion, Reflecting an Outstanding Growth of 230% FTY 2023

The MCB Islamic Bank Ltd.’s Board of Directors, chaired by Mr. Raza Mansha, recently held a meeting to review the bank’s performance and approve its financial statements for the year ending December 31, 2023.

During the said period, the bank achieved a significant profit before tax of PKR 10.6 billion, a notable increase from PKR 3.2 billion in 2022. This remarkable growth can be attributed to the effective management of low-cost deposits, timely investments, and adherence to responsible financing practices.

The bank’s total deposits saw a substantial increase to PKR 204 billion, marking a growth of 33% compared to PKR 154 billion in December 2022. The bank’s Current and Saving Account (CASA) mix remains healthy at 74%, with non-remunerative deposits making up 31% of the total. Notably, there was a significant growth of PKR 13.33 billion (27%) in Current Accounts during the year, which underscores the trust and strategic focus of the bank’s customers.

Furthermore, the bank’s total assets reached PKR 267 billion, with Net Financing at PKR 89.35 billion and investments at PKR 132.54 billion. This reflects the bank’s commitment to efficient capital management, maintaining high-quality assets, and a portfolio with high returns. The bank achieved an operating income of PKR 18.92 billion.

In terms of profitability, the bank performed robustly, with a profit after tax of PKR 5.153 billion for the year, a significant improvement from PKR 1.548 billion in the previous year. This improvement also led to an increase in earnings per share after tax to PKR 3.314, compared to PKR 0.996 for the same period last year.

These achievements demonstrate MCB Islamic Bank’s steadfast commitment to growth and sound financial management. The bank remains dedicated to providing substantial value to its stakeholders and expresses gratitude to its valued customers for their continued support and trust, enabling the bank to fulfill their financial needs and obligations effectively.

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