KARACHI: MCB Bank reported on Wednesday an unconsolidated profit after tax of Rs21.89bn for 2016, down 14.3 per cent from a year ago.

According to a stock notice, the bank also declared a final cash dividend of Rs4 per share, which is in addition to the interim dividend of Rs12 per share already paid to shareholders, taking the dividend payout ratio to 81.34pc.

Net markup income of the bank was reported at Rs43.8bn, down 11.25pc from a year ago.

The bank registered a decrease of Rs7.54bn in interest expense over the last year, which was commensurate with the decreasing interest rateenvironment and the bank`s str ategy to taper of f its high-cost deposits during the year, a press release said. On the non-markup income f ront, the bank reported a base of Rs16.22bn with major contributions from fees and commissions, capital gains and dividend income.

The administrative expense base, excluding the pension fund reversal, recorded a nominal decrease of 0.67pc, depicting a condnued focus on cost control and deployment of costef fective measures, it added.

As for provisions, the bank downgraded its portfolio in the last quarter of 2016 on a prudent basis, the press release said. -Staf f Reporter