MCB Bank earns Rs9.6 billion as foreign exchange income in 2022

KARACHI: The MCB Bank Limited has earned Rs9.6 billion as foreign exchange income during the year ended December 31, 2022, mainly due to the massive rupee depreciation.

The foreign exchange income of the bank surged 149 per cent during the year under review to Rs9.6 billion, compared with Rs3.85 billion in the preceding year.

The rupee depreciated around 27 per cent against the dollar during 2022.

In its annual financial results announced on Wednesday, the MCB Bank Limited declared 10 per cent growth in net annual profit to Rs34.45 billion for the year ended December 31, 2022, compared with Rs31.33 billion in the preceding year.

The bank shared its annual results with the Pakistan Stock Exchange (PSX). It announced basic and diluted earnings/share attributable to ordinary shareholders at Rs29 for the year ended December 31, 2022, compared with Rs26.31 in the preceding year.

The board of directors of the MCB Bank Limited in their meeting recommended an interim cash dividend for the quarter ended December 31, 2022 at Rs6/share, i.e., 60 per cent. This is in addition to the interim dividend already paid at Rs14/share, i.e., 140 per cent.

The payment of income tax by the bank surged over 86 per cent to Rs41 billion for the year ended December 31, 2022, compared with Rs22 billion in the preceding year. The rise in the incidence of tax may be attributed to the latest changes in taxation for the banking sector.

The profit-before-tax of the bank increased to Rs75.34 billion for the year under review, compared with Rs53.27 billion.

The net markup income of the bank surged to Rs96 billion as against Rs68.38 billion. The total income of the bank grew to Rs122 billion, compared with Rs89 billion.

The operating expenses of the bank rose to Rs48 billion for the year ended December 31, 2022, compared with Rs40.59 billion.

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