KARACHI: MCB Bank on Wednesday reported a 27 per cent increase in its profit-after-tax (PAT) to Rs16.6 billion translating into earnings per share (EPS) of Rs13.97 in the first quarter of the current calendar 2024.

The board of directors, in its meeting, under the chairmanship of Mian Mohammad Mansha, reviewed the bank’s performance and approved the condensed interim financial statements for the first quarter ended March 31.

The board declared an interim cash dividend of Rs9 per share for the quarter.

“Through focused efforts of the bank’s management in maintaining no-cost deposits base and optimising its earning assets mix, profit before tax increased to Rs32.5bn in the quarter with an impressive growth of 41pc,” the bank said in a press release.

Non-markup income increased 54pc to Rs9.1bn against Rs5.9bon in the corresponding period last year with major contributions coming in from fee commission income jumped 46pc to Rs6.1bn, income from dealing in foreign currency surged 97pc to Rs1.9bn and dividend income rose 55pc to Rs1bn during the quarter.

Bank Alfalah earns Rs10bn

Bank Alfalah Ltd (BAFL) announced PAT of Rs9.95bn with an EPS of Rs6.31 for the first quarter of CY24. This reflects a decrease of 8pc year-on-year but an increase of 10pc quarter-on-quarter.

Higher operating expenses and interest expenses dragged down overall profitability on a year-over-year basis. However, lower income was the primary factor affecting profitability on a quarter-over-quarter basis. As a result, the bank announced a cash dividend of Rs2 per share.

Allied Bank profit surges

Allied Bank Ltd (ABL) reported PAT of Rs11.6bn and EPS at Rs10.14 for 1QCY24, an increase of 51pc year-on-year. However, quarter-on-quarter, it was down 5pc (4QCY23 EPS: Rs10.7).

The decrease in earnings QoQ was mainly attributed to reduced markup and non-markup income. However, on a YoY basis, higher income and provisioning reversals contributed to an increase in overall profitability.

Published in Dawn, April 25th, 2024