During the first nine months of 2022, MCB Bank’s profits fell by 12% to Rs. 19.9 billion. At the same time last year, the bank made a profit of Rs. 22.6 billion.
MCB Bank Limited‘s board of directors has announced a third interim cash dividend of Rs. 5.0 per share, or 50%, in addition to the 90% already paid, bringing the total cash dividend for the nine months ending September 30, 2022, to 140 percent. This is one of the biggest dividend earnings declared by a major bank.
The bank’s earnings per share (EPS) were announced at Rs. 16.75, compared to Rs. 19.03 in the same time last year.
The negative growth in profitability attributed to the retrospective application of tax, combined with higher tax rates for the current period enacted by the Finance Act, 2022, resulted in a 62 percent average tax rate for the nine months ended September 30, 2022, compared to a 41 percent average tax rate for the same period last year.
Profit Before Tax (PBT) at MCB climbed to Rs. 51.6 billion for the nine-month period ending September 30, 2022, up from Rs. 38.3 billion in the same time the previous year. In Q3 2022, the Bank posted its highest-ever quarterly profit before tax of Rs. 19.05 billion, owing to solid overall performance.
The net interest income for the nine-month period ending September 2022 grew by 29% over the same period the previous year. The bank’s average current deposits increased by Rs. 91.6 billion, or 17% year on year.
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