MCB Group Records Rs 14.1 Billion in Profits

MCB Group Reports Staggering 46.7% Surge in Profits, Reaching Rs 14.1 Billion

In a testament to its financial prowess, the MCB Group has unveiled impressive figures, with profits soaring to Rs 14.1 billion for the fiscal year ending June 30, 2023.

This marks a substantial 46.7% increase from the previous year’s Rs 9.96 billion.

Jean Michel Ng Tseung, Group Chief Executive, MCB Group Ltd., attributed this robust performance to the group’s international ventures, which accounted for an impressive 62% of the overall profits.

The surge is further fueled by heightened operational revenues driven by dynamic commercial activity and rising interest rates.

Looking forward, Ng Tseung acknowledged the global economic landscape’s volatility and uncertainty, citing persistent, albeit slightly diminishing, inflation and escalating geopolitical tensions.

While acknowledging these challenges, he expressed optimism, citing an ongoing recovery spurred by a resurgence in tourism.

Key Figures:

• Operational Revenues: Increased by an impressive 33.3%, reaching Rs 31.8 billion.
• Net Interest Income: Saw a substantial growth of 30.3%.
• Non-Interest Income: Surged by an outstanding 38.7%, amounting to Rs 12 billion.

Source: Defi Media