MCB announces financial results, assets grew by 17pc, NPL reduced by 4pc

KARACHI: The Board of Directors of the MCB Bank has declared final cash dividend of Rs. 3 and 10pc bonus shares, in addition to interim cash dividends of Rs. 10 already paid for the year ended December 31, 2012, a statement said on Thursday.

It said that the earnings per share (EPS) for the year came to Rs. 22.77 compared to Rs. 21.12 for December 31, 2011. Return on assets came to 2.95pc, return on equity was recorded at 25.07pc and book value per share improved to 95.84.

The total assets of MCB Bank Limited grew by 17pc to Rs 765.899 billion.

The analysis of the asset mix highlights 27pc increase in investments to Rs. 402.069 billion and 5pc increase in gross advances to Rs. 262.392 billion.

The quality of asset saw considerable improvement as the non-performing loans of the Bank reduced by 4pc to Rs. 25.562 billion reflecting improvement in infection ratio as at December 31, 2012.

The deposit base of the Bank grew by 11pc closing at Rs. 545.061 billion with 18pc increase in saving deposits, 13pc increase in current deposits and 12pc decrease in fixed deposits.

The Board of Directors met under the chairmanship of Mian Mohammad Mansha on Thursday to review the performance of the Bank and approve the financial statements for the year ended December 31, 2012.

For the year 2012, the Bank reported profit before tax of Rs. 32.054 billion and profit after tax of Rs. 20.941 billion with an increase of 2pc and 8pc, respectively. Net mark-up income of the Bank was reported at Rs. 40.856 billion whereas non-mark-up income came to Rs. 9.153 billion. Non-mark-up income registered an increase of Rs. 1 (one) billion (13pc) owing to 16pc increase in fee, commission and brokerage income and 19% increase in dividend income during the year.