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Economy: MCB Group Reports Profits Of Rs 12.4 Billion

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The MCB Group has delivered a solid performance for the nine months to March 31, 2024, recording net profits of Rs 12.4 billion, up 14.6% on the corresponding period last year. This performance is attributable to the resilience of local operations, as well as an increased contribution from the banking division’s international operations.

The Group’s net banking income rose by 20.8% to Rs 27.8 billion. Net interest income rose by 24.9%, driven by improved margins on assets held in foreign currencies and on rupee-denominated investment securities, as well as growth in the loan portfolio. Non-interest income rose by 14.0% on the back of improved revenues from trade finance, payments and wealth management services.

Despite the volatile environment, the MCB Group is forecasting a solid performance for the current financial year.

According to Jean Michel Ng Tseung, Chief Executive – MCB Group Ltd, MCB is in good shape: “MCB Group achieved a solid performance for the 9 months to March 2024, with net profits up 14.6% to Rs 12.4 billion. In addition to interest rates remaining high overall, our revenues were positively impacted by sustained growth in our banking division’s activities.”

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