MCB earns Rs5.9bn profit

KARACHI: MCB Bank re­­ported on Wednesday earnings of Rs5.9 billion for Jan-March, down four per cent year-on-year.

However, the result remained slightly above market expectations.

MCB booked reversals of provision charges amounting to Rs878m, which were higher on a year-on-year basis, thus contributing to the bottom line.

Net interest income (NII) of the bank went down 14pc be­­cause of lower margins. Compared to United Bank and Habib Bank, MCB witnessed a higher fall in NII due to lower balance sheet growth. HBL and UBL also witnessed flat NII in the first quarter of 2017.

Non-interest income of MCB went up 69pc to Rs6.8bn, thanks to a sharp rise in capital gains that increased to Rs2bn. Fee and commission income also increased 12pc.

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