Staff Reporter
Lahore
The board of directors of MCB bank limited met under the chairmanship of Mian Mohammad Mansha, on August 20, 2020 to review the performance of the Bank and approve the condensed interim financial statements for the half year ended June 30, 2020. In compliance with the SBP’s instructions, Bank has not declared dividend for the second quarter ended June 30, 2020.
During H1 2020, MCB accelerated its business momentum while overcoming the challenges posed by the COVID-19 pandemic which had an adverse impact on the economic growth the world over, including Pakistan. Following the breakout of the COVID-19 pandemic, MCB has taken all necessary steps to ensure continued and uninterrupted services to our customers in a safe environment.
The State Bank of Pakistan has taken a host of measures to manage the impact of the pandemic, including cuts in interest rates, refinance schemes for continued payment of wages and salaries, ease in debt burden ratio, rescheduling and restructuring of financing facilities, etc.
With strong build up in core earnings, MCB recorded a year on year growth of 24 percent in profits after tax (PAT) for the half year ended June 30, 2020. The Bank unconsolidated PAT increased to Rs. 13.2 billion compared to Rs. 10.67 billion in corresponding period last year.
This performance translated to Earnings Per Share (EPS) of Rs 11.15 for H1’20 (H1’19: Rs. 9.01).
The strategic maturity profiling of the investments based on the interest rate calls resulted in a gradual shift from shorter to longer term investments, thereby capitalizing upon the significant opportunity available.
