Karachi: MCB Investment Management Limited has reported a notable increase in revenue and profits for the quarter ended September 30, 2024, driven by robust trading volumes and favorable market conditions, according to the latest director's report.

The company, a leading asset management firm, registered a revenue of Rs. 819.21 million for the quarter, marking a 124% increase from the Rs. 366 million reported in the corresponding period of the previous year. This growth was supported by significant trading activity on the Karachi Stock Exchange (KSE) and improved investor confidence following the government's successful negotiation of a financial program with the IMF.

Trading volumes for the KSE-All Index remained steady, with an average of 491.2 million shares traded during the quarter. The KSE-100 Index also showed positive trends, increasing by 3.4% during this period, and closing at 81,114 points at the end of September.

According to information available from the Pakistan Stock Exchange (PSX), the financial sector, especially asset management companies like MCB Investment Management, benefitted from these upward market trends. The company's net assets of open-ended mutual funds also saw an increase, growing by 13.9% to reach Rs. 2.93 billion.

Investor sentiment was further boosted by the State Bank of Pakistan's decision to cut interest rates unexpectedly by 300 basis points, enhancing the appeal of equity and fixed income investments. The mutual fund industry, in particular, experienced substantial inflows, with money market funds growing by approximately 0.72% and fixed income funds by about 35.1%.

The company's future outlook remains positive, with expectations of a GDP growth ranging from 2.5% to 3.5% for FY 2025. This optimism is underpinned by lower anticipated interest rates and the lowest inflation readings since early 2021, which are expected to bolster business confidence and investment.

MCB Investment Management's strategic initiatives and its ability to leverage market dynamics have positioned it well for continued growth. The company also expressed gratitude towards its stakeholders and regulatory bodies for their support and guidance.