MCB Islamic Bank reported a stellar first quarter of 2024, boasting a 56% surge in profit before tax (PBT) to PKR 2.27 billion compared to the same period last year. This impressive growth is attributed to the bank’s strategic focus on expansion, responsible financing practices, strong risk management, and adherence to regulations.
Deposit stability signifies customer trust, with the bank maintaining PKR 203.87 billion in deposits, similar to PKR 204.46 billion at the end of 2023. The CASA mix remains healthy at 75%, with non-interest-bearing deposits accounting for 29% of the total deposit portfolio.
MCB Islamic Bank’s total assets reached PKR 268.85 billion, with net financing closing at PKR 107.68 billion and investments totaling PKR 115.20 billion. This reflects the bank’s commitment to efficient capital management, improved asset quality, and a high-yielding portfolio.
Operating income surged by 41% to PKR 4.46 billion, resulting in a return on earning assets of 18.64%. This improved profitability translated into higher earnings per share after tax, rising from PKR 0.54 to PKR 0.74 in the year-over-year comparison.
MCB Islamic Bank’s strong performance underscores its ability to thrive even in challenging economic and operational environments. The bank remains dedicated to delivering exceptional value to its stakeholders and acknowledges the unwavering support of its customers, which is crucial in fulfilling its financial commitments.
This achievement is a clear sign of MCB Islamic Bank’s successful strategic approach and unwavering dedication to maintaining robust growth and operational excellence.