MCB Bank (MCB) has announced that its consolidated gains stood at Rs13.5 billion in the very first six months of 2015, up 14.1% from last year.
In its fiscal accounts for the half year released on Tuesday, MCB Bank reported a net profit of Rs5.4 billion in the second quarter (April-June), which represents a year-on-year decrease of 11.1%.
On a sequential basis, but, the quarterly decrease in MCB Bank’s profitability was more conspicuous, as its earnings dropped almost 30% in the April-June period.
According to AKD Securities research analyst Zoya Ahmed, the half-yearly result is marginally lower than expected due to a higher-than-expected tax expense.
Net interest income, or core income, soared 15.9% in the six-month interval to Rs24.9 billion. An exceptional growth in capital gains and dividend income pushed up non-interest income by 68.7% to Rs9.4 billion in the period under review.
MCB Bank also declared an interim dividend of Rs4 per share, which takes the overall payout up to now to Rs8 per share in 2015.