MCB Bank Limited Declares Significant Dividend and Reports Third Quarter Financial Results

Karachi: MCB Bank Limited has officially announced its financial results for the third quarter ended September 30, 2024. A notable highlight from the board meeting on October 23, 2024, held via Zoom from their Lahore office, is the declaration of an interim cash dividend set at PKR 9.00 per share, amounting to a substantial 90% dividend yield based on previously distributed dividends.

According to information available from the Pakistan Stock Exchange (PSX), this latest announcement also includes a cumulative dividend of PKR 18.00 per share for the year, representing a 180% total dividend payment. The board disclosed no new issuance of bonus or right shares during this period, indicating a strong focus on cash returns to shareholders.

The financial stability and robust earnings are evident in the bank’s quarterly financial statement. The bank reported a significant profit after taxation of PKR 16.51 billion for the quarter, showcasing a solid performance across its operations. In terms of year-to-date performance, the bank achieved an after-tax profit of PKR 44.15 billion.

Furthermore, the Share Transfer Books of the bank will be closed from November 4, 2024, to November 6, 2024, with all transfers processed by then being eligible for the declared dividends. The dividends are scheduled for distribution to registered shareholders by November 1, 2024.

The bank has maintained a stringent compliance posture as per Clause 5.6.1(d) of PSX Regulations during the declared “Closed Period,” ensuring no insider trading occurs among its directors and executive team. The third-quarter results have been forwarded to the Securities and Exchange Commission of Pakistan for further administrative processing.

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