MCB Islamic Bank has reported a significant rise in its pre-tax profits for the half-year ended June 30, 2023. The bank's earnings before tax surged from PKR 595 million in June 2022 to an impressive PKR 4.013 billion.
The bank's profitability improvement also boosted its earnings per share (EPS) after tax to PKR 1.26 for the period under review, a substantial increase from PKR 0.30 in the comparable period.
In terms of deposits, MCB Islamic Bank recorded a surge to PKR 185 billion, marking a 20% growth compared to PKR 154 billion as of December 31, 2022. The bank's Current and Saving Account (CASA) mix stands at a robust 79%, and non-remunerative deposits make up 39% of the total deposit mix, demonstrating customer trust and strategic focus.
The bank's total assets reached PKR 231 billion, representing a 16% increase from December 31, 2022. Net Financing closed at Rs. 93.13 billion and investments reached PKR 85.60 billion.
Despite economic challenges, the bank achieved an operating income of PKR 7.78 billion, maintaining a net spread of 7.37%.
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