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MCB’s nine-month profits hit Rs6.7billion

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MCB's nine-month profits hit Rs6.7billion

The MCB has reported a Profit after tax for the nine months ended 31 March 2022 of Rs6.7 billion representing a growth of 12.0%.

Operating income increased by 4.5% to reach Rs15.8 billion due to a strong performance in Net fee and commission income offsetting the lower Other income whilst Net interest income remained flat.

On the other hand, Non-interest expense rose by 10.4% to reach Rs5.5 billion resulting in an increase in Operating profit before impairment of 1.6% at Rs10.2 billion.

Net impairment of financial assets for the nine months ended 31 March 2022 dropped to Rs2.8 billion compared to Rs3.3 billion for the same period last year.

This together with a higher share of Profit from associates helped to boost the overall performance.

Deposits from banks and customers rose by Rs56.3 billion to reach Rs496.5 billion whilst Loans and advances to customers increased by Rs36.1 billion to reach Rs297.0 billion.

Shareholder’s equity went up by 15.7% to reach Rs67.7 billion. The bank’s Capital adequacy and Tier 1 ratios remained at 17.4% and 16.4% respectively.

Total assets grew from Rs583.3 billion to Rs658.2 billion between March 2021 and March 2022 representing a growth of 12.8%.

Loans and advances to customers grew by 13.8% to reach Rs297 billion compared to the same period last year with a greater mix in foreign currency notably linked to its energy & commodities business activities.

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The information and opinions expressed in our published works are those of authors/sources believed to be reliable. NewsMoris makes no representations as to accuracy, completeness, suitability, or validity of any information expressed.