A spectacular PKR 10.6 billion in pre-tax profit was reported by MCB Islamic Bank
The Board of Directors of MCB Islamic Bank Ltd. met recently under the direction of Mr. Raza Mansha in order to discuss the bank’s performance and approve its financial statements for the year that ends on December 31, 2023.
The bank’s earnings before tax over the specified time was PKR 10.6 billion, a noteworthy increase from PKR 3.2 billion in 2022. The noteworthy expansion can be ascribed to the proficient administration of inexpensive deposits, punctual investments, and compliance with responsible finance methodologies.
The bank’s total deposits increased significantly to PKR 204 billion in December 2022, a 33% rise from PKR 154 billion the previous year. At 74%, the bank’s Current and Saving Account (CASA) composition is still robust, with 31% of the total consisting of non-remunerative deposits. Notably, the number of current accounts increased by PKR 13.33 billion (or 27%) during the course of the year, demonstrating the bank’s clients’ trust and strategic emphasis.
In addition, the bank’s total assets came to PKR 267 billion, of which PKR 89.35 billion came from net financing and PKR 132.54 billion from investments. This illustrates the bank’s dedication to effective capital management, holding high-caliber assets, and managing a profitable portfolio. The bank made PKR 18.92 billion in operational profits.
With a profit after tax of PKR 5.153 billion for the year—a considerable increase from PKR 1.548 billion the year before—the bank showed strong profitability performance. Additionally, as a result of this improvement, earnings per share after tax increased to PKR 3.314 from PKR 0.996 during the same time previous year.
These accomplishments show MCB Islamic Bank’s unwavering dedication to expansion and responsible money management. The bank is grateful to its esteemed clients for their ongoing support and confidence, which allow it to successfully meet its financial obligations and needs. The bank is committed to delivering significant value to its stakeholders.
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