A spokesman of the MCB said here on Thursday that the recommendation to this effect was made by the Bank's Board of Directors (BoD).

He said that the 63rd AGM was held on Thursday in Islamabad. The Chairman of the Bank informed the members that the MCB completed yet another `remarkable year in terms of financial performance' and posted a profit before tax of Rs26 billion with a rise of 13 percent from 2009 and profits after tax of Rs17 billion with an increase of nine percent from last year.

Net interest income of the Bank increased by Rs1.1 billion over 2009 whereas non fund based income registered a growth of 11 percent and was reported at Rs6.2 billion.