Board of Directors of MCB Bank has approved final cash dividend at 30 percent and 10 percent bonus issue after shareholders adopted the audited financial statements of MCB Bank Limited and its subsidiaries at MCB Bank's 64th Annual General Meeting. This is in addition to 90 percent interim cash dividend already paid in 2011.
Chairing the AGM to transact the ordinary and special business of the Bank, MCB Bank Director Aftab Ahmad Khan said MCB had completed yet another remarkable year in terms of financial performance and registered an increase of 20 percent and 15 percent in profit before tax (PBT) and profit after tax (PAT) respectively.
Net interest income of the Bank increased by 21 percent over last year with non-mark-up income increasing by 29 percent to Rs 8.112 billion. Provisions for the period were reported at Rs 3.654 billion with a nominal increase of two percent over last year.
Strong financial growth was seen in the asset base registering an increase of 15 percent to Rs 653.233 billion. The investment portfolio increased considerably by Rs 103.6 billion over the year 2010 with higher concentration in risk free government securities. Advances (gross) of the Bank were reported at Rs 248.135 billion with a decrease of nine percent over the year 2010, mainly on account of conversion of commodity financing/circular debt exposure to risk free government securities.
The deposit base of the Bank went up by 14 percent, with 11 percent and 16 percent increase reported in current and saving deposits respectively, maintaining the CASA percentage at 81 percent.
Earnings per share (EPS) as of December 31, 2011 came to Rs 23.23 compared to Rs 20.18 for last year. Return on assets improved to 3.18 percent (2010: 3.13 percent) whereas return on equity improved to 26.23 percent (2010: 25.91 percent). Moreover, A F Ferguson & Company, Chartered Accountants have been appointed as the auditors of the Bank for the next financial year.-PR
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