In a striking demonstration of financial strength, MCB Islamic Bank’s Profit before Tax has exhibited an astounding surge of 348% when compared to the same period in 2022, soaring from PKR 1.675 billion to an impressive PKR 7.506 billion for the 3rd quarter concluding on September 30, 2023.
This accomplishment underscores the Bank’s steadfast dedication to mobilizing low-cost deposits, capitalizing on timely investment opportunities, upholding prudent financing practices, maintaining rigorous risk management, ensuring stringent regulatory compliance, and establishing itself as a pivotal player in the swiftly expanding Islamic Banking Industry.
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Deposits have surged to PKR 183 billion, signifying a noteworthy year-on-year growth of 28%. The bank’s Current and Saving Account (CASA) composition stands at an impressive 77%, with non-remunerative deposits constituting 33% of the total deposit mix. This attests to the trust customers place in the bank and underscores our strategic focus. Total Assets have reached PKR 234 billion, with Net Financing closing at PKR 71.50 billion and Investments hitting an impressive PKR 110.76 billion. These figures highlight the Bank’s conscientious approach to efficient capital management, enhanced asset quality, and maintaining a high-yield portfolio.
The bank achieved an Operating Income of PKR 13.62 billion and a 2.37% Return on Total Assets, reflecting its commitment to delivering value. The improvement in the Bank’s profitability also increased the earnings per share after tax to PKR 2.47, a significant jump from PKR 0.64 of the comparative period.
MCB Islamic Bank’s outstanding performance is a testament to its dedication to growth and prudent financial management. It is committed to consistently providing significant value to its stakeholders.
We extend our heartfelt gratitude to our valued customers for their continuous support and trust, which has allowed us the privilege to fulfill their financial obligations.