The Board of Directors of MCB Bank Limited (MCB) in its meeting held under the Chairmanship of Mian Mohammad Mansha on April 27, 2023, reviewed the performance of the Bank and approved the condensed interim financial statements for the first quarter ended March 31, 2023. The Board of Directors has declared first interim cash dividend of Rs. 6.0 per share i.e. 60% for the quarter ended March 31, 2023. With a strong build up in core earnings, MCB’s Profit Before Tax (PBT) for the first quarter of 2023 increased to Rs. 23 billion with an impressive growth of 54%. Profit After Tax (PAT) posted a growth of 46% to reach Rs. 13 billion; translating into an Earning Per Share (EPS) of Rs. 11.02 compared to EPS of Rs. 7.52 reported in corresponding period last year. On the back of strong volumetric growth in current account and timely repositioning within the asset book, net interest income for 1Q’23 increased by 66% over corresponding period last year. YoY average current deposits of the Bank registered a remarkable growth of Rs. 178 billion (+31%). Non-markup income increased to Rs. 5.9 billion (+3%) against Rs. 5.7 billion in the corresponding period last year with major contributions coming in from fee commission income. The Bank registered a growth of 27% in fee commission with income from trade and guarantee business up by 59%, cards related income up by 42% and income from home remittances up by 39%. The Bank continues to manage an efficient operating expense base and manage costs prudently. Amidst an exceptionally persistent high-inflation, impact of sharp currency devaluation and rapidly escalating fuel and utility costs, the operating expenses of the Bank reported at Rs. 11.8 billion (+25%). The cost to income ratio of the Bank improved significantly to 32.77% from 39.65% reported in corresponding period last year. Proactive monitoring and recovery efforts led to a net provision reversal of Rs. 293 million against non-performing loans (NPLs) for the period under review. Persistent focus on maintaining a robust risk management framework encompassing structured assessment models, effective pre-disbursement evaluation tools and an array of post disbursement monitoring systems has enabled MCB to effectively manage its credit risk. On the financial position side, the total asset base of the Bank grew by 1.39% to Rs. 2.11 trillion. Analysis of the assets mix highlights that net investments and gross advances have decreased by Rs. 33 billion (-3%) and Rs. 95 billion (-12%) over December 31, 2022 respectively, whereas Lending to Financial Institutions increased by Rs. 71 billion (+140%). Return on Assets and Return on Equity significantly improved to 2.49% and 29.63% respectively, whereas the book value per share was reported at Rs. 153.29. During the period under review, MCB attracted home remittance inflows of USD 786 million to further consolidate its position as an active participant in SBP’s cause for improving flow of remittances into the country through banking channels; with market share improving to 12.3% compared to 11.4% in the corresponding period of last year. The Bank, on a consolidated basis, is operating the 2nd largest network of more than 1,600 branches in Pakistan. The Bank remains one of the prime stocks traded in the Pakistani equity market with 2nd highest market capitalization in the industry.