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MCB Group posts profits of Rs 1.9 billion (-23.6%)

Nov 13, 2020, 05:00 AM by User Not Found

MCB Group posts profits of Rs 1.9 billion for the quarter ended September 30, 2020, a decrease of 23.6% compared to the same period in 2019.

This decrease in the Group’s net profits is largely due to a significant increase in Expected Credit Losses (ECL) due to a deterioration of the economic environment, mainly in the local market.

For the first quarter of the current financial year, and despite a difficult situation, MCB Group saw an increase in its operating income which amounted to Rs 5, 34 billion (+3.3%). Net interest income and net fee and commission increased by 2.3% and 7.7% respectively.

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MCB Group posts profits of Rs 1.9 billion (-23.6%)

Nov 13, 2020, 05:00 AM by User Not Found

MCB Group posts profits of Rs 1.9 billion for the quarter ended September 30, 2020, a decrease of 23.6% compared to the same period in 2019.

This decrease in the Group’s net profits is largely due to a significant increase in Expected Credit Losses (ECL) due to a deterioration of the economic environment, mainly in the local market.

For the first quarter of the current financial year, and despite a difficult situation, MCB Group saw an increase in its operating income which amounted to Rs 5, 34 billion (+3.3%). Net interest income and net fee and commission increased by 2.3% and 7.7% respectively.

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