MCB Islamic Bank posts pre tax profit of Rs10.6b

LAHORE  -  The Board of Directors of MCB Islamic Bank Ltd, in its meeting under the chairmanship of Raza Mansha, reviewed the perfor­mance of the bank and approved the financial statements for the year ended December 31, 2023.

The bank posted a remark­able profit before tax of PKR 10.6 billion for the year ended December 31, 2023 as compared to PKR 3.2 billion in 2022. This achievement has been a result of leveraging low-cost deposit mobilization, timely investment ventures, and adherence to pru­dent financing practices. Depos­its have increased to PKR 204 billion, reflecting an impressive 33% growth compared to PKR 154 billion as of December 2022. The Bank’s Current and Saving Account (CASA) mix stands at a healthy 74%, with non-remuner­ative deposits comprising 31% of the total deposit mix. Nota­bly, the bank achieved substan­tial growth of PKR 13.33 billion (27%) in Current Accounts dur­ing the year highlighting custom­er trust and strategic focus.

Total assets reached PKR 267 billion while net financing closed at PKR 89.35 billion and invest­ments rose to PKR 132.54 billion which depicts the bank’s concen­tration on efficient capital man­agement, superior asset qual­ity, and a high-yielding portfolio. The bank achieved an operating income of PKR 18.92 billion. The P&L statement of the bank show­cased a robust performance with profit after tax of PKR 5.153 bil­lion for the year, demonstrating a significant improvement com­pared to PKR 1.548 billion in the preceding year. The improve­ment in the bank’s profitability also increased the earnings per share after tax to PKR 3.314 as opposed to PKR 0.996 for the comparative period.

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