KARACHI: MCB Bank posted unconsolidated profit of Rs10.7 billion in the first half of 2016, down 20.9% from Jan-Jun 2015.
In a stock notice on Wednesday, MCB also announced an interim cash dividend of Rs4 per share, which takes the first half cumulative pay-out to Rs8 per share.
The result was below analysts’ expectations mainly because of lower capital gains realised during the period under review. In the second quarter alone, MCB posted a profit of Rs4.7 billion down 17% from the same period of the preceding year.
According to BMA Capital, the surprise in earnings in Apr-Jun is on the back of lower-than-anticipated capital gains realised amounting to Rs464 million against the expectation of Rs1.45 billion.
The stock price of MCB gained 0.24% on the stock exchange to close at Rs212.48 per share on Wednesday.