MCB Bank announces financial results for half year ended June 30, 2011

KARACHI: MCB Bank Limited Tuesday announced financial results for half year ended June 30, 2011 profit before tax Rs16.162 billion, 30 percent cash dividend declared (earning per share Rs12.64).

Board of Directors met today at Kuala Lumpur under chairmanship of Mian Mohammad Mansha to review performance of the bank and approve financial statements for half year ended June 30, 2011, says a press release.

MCB registered remarkable financial performance in half year ended June 30, 2011 as profit before and after tax increased to Rs16.162 billion and Rs10.571 billion respectively, increasing by 32 percent and 33 percent over corresponding period last year.

Net Interest Income of Bank increased by 26 percent over June 2010 with Non markup income increasing by 39 percent to Rs4.153 billion.

Bank's asset base grew to Rs630 billion from Rs568 billion as at year end 2010 with increase of 11percent.

Classified portfolio of the bank registered nominal increase of 4 percent over December 31, 2010. Investment portfolio increased considerably by 22 percent over December 2010 with high concentration levels in the risk free government securities.

Copyright PPI (Pakistan Press International), 2011