Tuesday, January 19, 2021

MCB announces earning of Rs 20.30 billion, Rs 17.17 EPS

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Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]
MCB announced earnings on Wednesday for CY18 above expectations, at PKR 20.3bn (EPS: PKR 17.17/share), depicting a YoY decline of 7%. Higher OPEX (+18% YoY) and pension liability of PKR 1.9bn led to the downturn. However strong growth in NII and impressive FX income provided respite.

The bank also announced a dividend of PKR 4.00/share for 4QCY18, taking total payout to PKR 16.00/share for CY18.

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Net Interest Income of the bank settled at PKR 48bn, depicting a healthy 10% YoY improvement with mark-up income increasing 15% YoY while interest expense jumped by 21% YoY.

On a sequential basis the bank’s NII recorded an 8% QoQ.

NFI of the bank recorded an impressive 58% QoQ jump led by a 6.2x jump in FX income as the bank benefited majorly from the volatility in the currency markets.

On a yearly basis, fee income of the bank recorded a healthy jump of 11% YoY.

The bank booked net reversals worth PKR 822mn during CY18 which provided further respite to earnings.

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That said the bank booked a net provisioning expense of PKR 792mn during 4Q, which is possibly an impairment charge on the equity book.

Effective tax rate was 34% during CY18 compared to 28% SPLY (hefty tax reversal was booked in 2QCY17).

 

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Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]
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