MCB Islamic Bank’s earnings before tax for the first quarter of 2024 increased by 56% year over year to PKR 2.27 billion, following the bank’s trend of expansion.
This accomplishment is a result of the bank’s strategic plan, which prioritizes steady expansion, prompt adherence to responsible financing procedures, effective risk management, and stringent regulatory compliance.
Deposits showed stability as they were steady at PKR 203.87 billion as of December 31, 2023, down from PKR 204.46 billion. The bank has a strong 75% Current and Saving Account (CASA) mix, with 29% of the overall deposit mix being non-remunerative deposits. This indicates the bank’s commitment to its customers and its strategic emphasis.
The total assets of the bank came to PKR 268.85 billion, while net financing closed at PKR 107.68 billion and investments at PKR 115.20 billion. These figures demonstrate the bank’s consistent emphasis on high-yield portfolios, enhanced asset quality, and effective capital management.
Having a return on earning assets of 18.64%, the bank’s operating income of PKR 4.46 billion was 41% greater than it was during the same time previous year.
Earnings per share after tax climbed to PKR 0.74 from PKR 0.54 during the comparative period due to the Bank’s improved profitability.
The success of MCB Islamic Bank reflects its unwavering commitment to expansion. Even though the banking industry has seen difficulties, the bank has continued to develop while navigating these obstacles. Moreover, it is still dedicated to providing significant value to its stakeholders on a regular basis.
The bank would like to express its appreciation to all of its valued clients for their unwavering support and confidence, which has given them the ability to meet their financial responsibilities.
