MCB, Bank Al-Habib, BAFL Report Rs107 Billion Profits In 2021: TTI Exclusive News
In term of profit, Habib Bank Limited, MCB Bank, United Bank Limited, Allied Bank are the top banks which report higher annual profits in comparison with medium and small banks operating in Pakistan.
ISLAMABAD ( JAVED MAHMOOD )
Despite the Covid pandemic driven economic slowdown in Pakistan, banking sector has demonstrated an outstanding financial performance with record profits mainly because of growth on online banking and other allied activities.Just three banks _ MCB Bank, Bank Al-Habib, and Bank Al-Falah have reported more than 107 billion rupees gross profit in the calendar year 2021, showing greater profits than 2020.
MCB Bank today reported 53.30 billion rupees gross profit before payment tax in calendar year 2021 while its net profit ended around 31 billion rupees after payment of taxes and deduction of amount (provision) from the gross profit against non-performing loans. MCB has shared its record profit with its shareholders and regulators, including Pakistan Stock Exchange (PSX) today.
Meanwhile, Bank Al-Habib has also announced a stunning 30.27 billion rupees profit before tax for 2021 while its profit after tax ended at 18.70 billion rupees, again much higher than calendar year 2020.
Bank Al-Falah has also demonstrated a significant growth in its gross profit _ 23.90 billion rupees profit for 2021, which closed at 14.46 billion rupees after payment taxes to the government.
Till Feb 10, 2022, only MCB, Bank Al-Habib, and Bank Al-Falah have reported full year profits for the year 2021 while other banks are also expected to declare their annual profits in coming days.
Banks not only pay corporate tax on their annual profits, but also hand over to the government other taxes collected from their customers in the form of withholding tax, excise duty, and other taxes.
Overall, the year 2021 appears to be good for the banking sector in comparison with 2020 and it is evident from above-quoted three major banks’ annual profits.
In term of profit, Habib Bank Limited, MCB Bank, United Bank Limited, Allied Bank are the top banks which report higher annual profits in comparison with medium and small banks operating in Pakistan.