KARACHI – MCB Bank has notched up another strong annual performance in terms of financial results and posted profit before tax of Rs 26 billion, an increase of 13 percent compared to 2009, profit after tax touched Rs 17 billion with an increase of nine percent since last year.
According to a press release, the MCB Board of Directors met under the Chairmanship of Mian Mohammad Mansha and reviewed the performance of the Bank for 2010. The financial results for the year ending on December 31, 2010 were presented before the Board of Directors of MCB Bank Ltd. It was indicated that net interest income of the Bank increased by Rs 1.1 billion over 2009 while non fund based income registered a growth of 11 percent and was reported at Rs 6.2 billion.
The provision charge of the bank decreased significantly by Rs 3.7 billion from 2009, mainly owing to a decrease of Rs 2.7 billion in provision against loans and advances. The total assets of the bank were reported at Rs 568 billion, increasing by 11 percent from 2009. Gross advances increased by Rs 4.4 billion while investments registered a significant growth of Rs 46 billion with a major increase in T-bill exposure of 32 percent over 2009.
With reference to NPL (Non Performing Loans) figures, the escalation observed in FY09 has eased to a greater extent as NPLs grew by six percent in 2009 compared to a significant increase observed in 2009 of 27 percent over 2008, with concentration levels increasing to 85 percent in the loss category.
