KARACHI: Board of Directors of MCB Bank Ltd has declared second interim cash dividend of Rs.4.0 in addition to first interim cash dividend of Rs.3.0 already paid, MCB Bank head office statement said Tuesday.
The bank posted outstanding results in first half with 7% increase in both profit before tax of Rs.17.2 billion, and profit after tax of Rs.11.3 billion while non-markup income increased by 25% to Rs.5.2 billion and net markup income was reported at Rs.20.9 billion.
Board of Directors meeting chaired by Mian Mohammad Mansha today reviewed performance of Bank and approved financial statements for first half ended June 30, 2012. Earnings per share (EPS) for period came to Rs.12.31 compared to Rs.11.49 for June 30, 2011. Return on assets increased to 3.38%, return on equity was recorded at 27.68% and book value per share improved to 92.16.
Financial position of Bank strengthened with Rs.32.9 billion rise in assets base over December 2011 and was reported at Rs.686.1 billion as of June 30, 2012. Net investments increased by Rs.11 billion to Rs.327.5 billion. Gross advances also increased by Rs.15.6 billion to Rs.263.7 billion while infection ratio improved to 10% (Dec 2011: 10.75%).
Deposits increased by 8% to Rs.529.4 billion, with 13% increase in current accounts, 9% increase in savings accounts and 4% decrease in term deposits. This improved CASA ratio to 83% compared to 81% as of December 31, 2011.
Administrative expenses (before pension fund reversal) witnessed a controlled increase of 11% over corresponding period last year. Due to effective risk management policies adopted by the Bank, provisioning charge decreased by a significant 84% for six months period ended June 30, 2012.
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