MCB Islamic Bank Sees Notable Increase in Profits

 

MCB Islamic Bank Soars in Q1 2024, Profit Before Tax Up 56%

Lahore, Pakistan - April 25, 2024 - MCB Islamic Bank continued its impressive growth trajectory in the first quarter of 2024, reporting a significant increase in profit before tax. The bank's profit before tax surged to PKR 2.27 billion, reflecting a remarkable 56% year-on-year growth.

This achievement underscores MCB Islamic Bank's commitment to sustained growth. The bank's success can be attributed to its strategic focus on several key areas:

• Prudent Financing Practices: MCB Islamic Bank prioritizes responsible lending practices, ensuring financial stability and minimizing risk.
• Robust Risk Management: The bank implements robust risk management strategies to safeguard its operations and protect its customers' financial interests.
• Strict Regulatory Compliance: MCB Islamic Bank adheres strictly to all regulatory guidelines, fostering trust and transparency within the financial system.

Deposits in Q1 2024 remained stable at PKR 203.87 billion compared to PKR 204.46 billion at the end of 2023. This consistency highlights customer confidence in the bank's financial strength. Additionally, MCB Islamic Bank boasts a healthy Current and Saving Account (CASA) mix of 75%, indicating a strong foundation for future growth. Notably, non-remunerative deposits constitute 29% of the total deposit mix, further demonstrating customer trust and the bank's strategic focus on attracting stable deposits.

MCB Islamic Bank's commitment to efficient capital management is evident in its total assets reaching PKR 268.85 billion. Net Financing closed at PKR 107.68 billion, while investments reached PKR 115.20 billion. This strategic allocation of resources reflects the bank's focus on improved asset quality and a high-yield portfolio.

The bank's operating income also witnessed a significant rise, reaching PKR 4.46 billion, a 41% increase compared to the same period last year. This translates to a return on earning assets of 18.64%, showcasing the bank's financial strength and profitability.

The improvement in profitability translates to positive results for shareholders. Earnings per share after tax increased to PKR 0.74 compared to PKR 0.54 for the same period in the previous year.

MCB Islamic Bank's exceptional performance underscores its unwavering dedication to growth and value creation for its stakeholders. The bank has successfully navigated economic and operational challenges, demonstrating its commitment to long-term sustainability.

"We are grateful to our valued customers for their continued support and trust," said a spokesperson for MCB Islamic Bank. "Their loyalty allows us to fulfill their financial needs and achieve our shared goals."