MCB Bank 2nd-quarter profit down 11pc

MCB Bank 2nd-quarter profit down 11pc

MCB Bank 2nd-quarter profit down 11pc KARACHI: MCB Bank on Wednesday announced consolidated profit of Rs4.9 billion (earnings per share Rs4.3) for the second quarter of 2016 as compared to Rs5.5bn (eps Rs4.9) in the same period last year.

However, the bank’s board of directors declared an interim cash dividend of Rs4 per share, in addition to Rs4 per share already paid in the 1st quarter of 2016.

According to Topline Research, the bank’s earnings declined by 11 per cent on a year-on-year basis during the second quarter mainly driven by lower non-interest income which fell 22pc to Rs3.2bn. Net Interest Income was also down 4pc to Rs12.4bn.

ALLIED BANK LTD: The bank posted a profit-after-tax of Rs3.863bn during the second quarter of 2016 translating into earnings per share of Rs3.37, down 20 per cent on a quarter-on-quarter basis.

According to a report of Arif Habib Securities, ABL’s Net Interest Income was up 8pc due to improved cost of funds (declined by Rs318m) along with an uptick in interest earned (up by Rs391m on a quarter-on-quarter basis).

Source: http://www.dawn.com/news/1276755/mcb-bank-2nd-quarter-profit-down-11pc

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