MCB: Strong dividend yield intact; higher payouts possible

  • We reiterate MCB among the attractive D/Y plays from our coverage, as it currently offers an annual D/Y of 18%.

  • Despite expected interest rate cuts, the bank may have room to increase payouts given a comfortable Total CAR of 20.4%

  • While 17% of the bank's Investment book is parked in Fixed PIBs, ~75% of the book is parked in T-Bills & Floater PIBs.
February 29th, 2024
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