MCB Group Achieves Rs 16 Billion Net Profit for 2023/24

MCB Group has announced a net profit of Rs 16 billion for the financial year ending June 30, 2024, marking a significant increase of 13.5% compared to the same period last year. This impressive performance is largely attributed to the resilience of its local operations, as well as a substantial contribution from its international banking activities, which accounted for 60% of the group’s overall results.

The group’s operating profit rose by 16.0%, reaching Rs 36.9 billion.

Additionally, net interest income saw a remarkable increase of 22.5%, totaling Rs 24.2 billion.

This growth was supported by an expansion of the bank’s balance sheet and improved margins on foreign currency assets, bolstered by high international interest rates.

Non-interest income also experienced growth, rising by 5.4% to reach Rs 12.7 billion, primarily driven by trade finance and payment services.

Furthermore, foreign exchange-related income increased by 14.9%.

Commenting on the group’s performance, Jean Michel Ng Tseung, Chief Executive of MCB Group Ltd, expressed his satisfaction with the results and emphasized the company’s commitment to maintaining its development strategy.

He highlighted plans to invest in key growth sectors while enhancing risk management practices.

“In a continuously dynamic environment, the group remains cautiously optimistic about its ability to sustain resilient financial performance for the 2024/25 financial year, barring any unforeseen events,” he stated.

In addition to its financial results, the bank announced that, following an interim dividend of Rs 9.50 per share paid in July, a final dividend of Rs 13.50 per share will be distributed in December 2024.

Source: l’Express