KARACHI
MCB bank announced financial results for the quarter ending on June 30, 2010 announced gross profit of Rs 19.4 billion and cash dividend at the rate of 30 percent declared.
The board of directors met on October 26, 2010 and reviewed the performance of the bank for a period leading up to September 30th, 2010. The financial results for the nine months were presented before the board deliberated on them.
The bank delivered profit before tax of Rs 19.4 billion compared to Rs 17.6 billion last in the corresponding period last year, registering highly competitive growth of 10 percent. Profit after tax of 12.5 billion translated into earning per share (EPS) of Rs 16.44 against Rs 15.53 for September 2009.
The reported profit for the quarter ended September, 2010 was the highest in the history of MCB Bank Limited. Markup income for the period increased by 5 percent as compared to corresponding period last year and was reported at Rs 40 billion, resulting in a one percent increase in net-interest income.
Non interest income rose considerably by 17 percent over the corresponding period last year, owing to the launch of new products and initiatives undertaken by the Bank. The provisional charge against advances decreased significantly by 55 percent, whereas provision against investments decreased by 85 percent.
Total deposits presented a robust increase of 15 percent reaching Rs 422.3 billion from Rs 367.6 billion at December 2009; with low cost CASA rising by 13 percent 2009, representing 81 percent of the total deposit base. The strong increase in deposits base boosted MCB’s domestic market share from 8.3 percent to 8.9 percent.
The total asset base of the bank grew by Rs 30 billion since December 2009. Of major consequence were investments which registered a significant increase of 24 percent and rose to Rs 208 billion as at September 30, 2010.
