Under the leadership of Mr. Raza Mansha, the Board of Directors of MCB Islamic Bank Ltd. reviewed and approved the bank’s financial results for the year that ended on December 31, 2023.
The bank made an outstanding profit before tax of PKR 10.6 billion for the year, a substantial increase from PKR 3.2 billion the previous year. This financial triumph was due to the bank’s focus on attracting low-cost deposits, investing wisely, and maintaining careful financing strategies.
Deposits at the bank rose by 33%, reaching PKR 204 billion, up from PKR 154 billion the prior year. The composition of the bank’s accounts is healthy, with 74% in Current and Saving Accounts (CASA), of which 31% are non-remunerative deposits. The growth in Current Accounts was particularly strong, with an increase of PKR 13.33 billion (27%), indicating customer confidence and strategic initiatives.
The bank’s total assets increased to PKR 267 billion. Net Financing ended the year at PKR 89.35 billion, while investments climbed to PKR 132.54 billion, showcasing the bank’s focus on maintaining high standards for asset quality and a profitable investment portfolio. The operating income for the year was PKR 18.92 billion.
In terms of profitability, the bank’s performance was solid, with a profit after tax of PKR 5.153 billion, up significantly from PKR 1.548 billion in the previous year. This improvement boosted the earnings per share after tax to PKR 3.314, compared to PKR 0.996 for the same period last year.
MCB Islamic Bank’s financial achievements reflect its commitment to growth and sound management. The bank remains focused on providing value to its stakeholders and extends its gratitude to customers for their trust and support, allowing the bank to fulfill their financial needs and commitments.
