MCB: profits of Rs 12.4 billion in 9 months

The MCB group is in excellent health! It has, in fact, recorded net profits of Rs 12.4 billion for the nine months ending March 31, 2024, an increase of 14.6% compared to the corresponding period in 2023. A performance which is due to the resilience of local operations, as well as an increased contribution from the international operations of the banking division.

“In addition to interest rates which remain high overall, our revenues have been positively impacted by sustained growth in the activities of our banking division. Our risk profile remains robust, with a stable cost of risk and a level of bad debts while our capitalization remains largely comfortable, as demonstrated by a Tier 1 ratio of 18.6%,” comments Jean Michel Ng Tseung, Chief Executive of MCB Group Ltd through a press release issued on Tuesday afternoon. “The global economy has demonstrated resilience, despite a difficult context. Although inflation is falling, it still remains at a high level with geopolitical tensions impacting the price of raw materials. », Indicates the management.

On the local level, she continues, economic activity continues to progress, supported by the good performance of tourism, financial services and construction, among others. Other information: the group's net banking income increased by 20 .8% to stand at Rs 27.8 billion. Net interest income increased by 24.9%, driven by improved margins on assets held in foreign currencies and rupee investment securities, as well as growth in the loan book. Non-interest income increased by 14% following an improvement in revenues from trade finance activities, payments and wealth management services. Namely that the group paid an interim dividend of Rs 9.50 per share in 2024, compared to Rs 8.50 in 2023.