MCB Bank records all-time high profits

Friday, 30 March 2018 00:00 - - {{hitsCtrl.values.hits}}

MCB Bank Ltd. marked another successful financial year, recording an all-time high Profit Before Tax (PBT) of Rs. 712 million with an impressive growth of 15% in comparison to last year.

Net Interest Income of the bank was reported at Rs. 1.39 billion, up by 25.78% from last year. To supplement its net interest margins, the bank remained focused on increasing its low-cost deposit base and venture in higher-yielding assets. Operating Expenses was well managed at Rs. 608 million up by 15.59% from last year.

The total asset base of the bank was reported at Rs. 28.83 billion reflecting a significant growth of 24.78% from last year. On the liabilities side, customer deposits registered a splendid increase to Rs. 18.67 billion up by 31.52% in comparison to 2016. The significant increase in deposit portfolio supported MCB reaching a historical milestone surpassing Rs. 20 billion mark on its loan book as at year ended December 2017.

All business units of the bank i.e. Consumer, SME, Corporate and Treasury contributed in terms of achieving these milestones despite the prevalent market conditions.

MCB Bank is one of the oldest and leading banks in Pakistan with a branch network of over 1,400. The bank commenced its Sri Lankan operation in 1994 and just over two decades it has grown to hold the second largest branch network among foreign banks in Sri Lanka. In addition to Pakistan and Sri Lanka, the bank has presence in UAE and Bahrain as well. Beyond usual domestic business, MCB Bank Sri Lanka is now looking at expanding its cross-border activities capitalising on its international presence.