MCB announces Rs 3 per share dividend

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LAHORE – MCB Bank has declared a final cash dividend of Rs 3.0 per share, in addition to 10 percent bonus shares for the year ended December 31, 2010, while the bank earned a profit after tax of Rs 17 billion in the year.
This was disclosed during a meeting, chaired by Mian Mansha, of the bank’s Board of Directors. The meeting reviewed and approved financial results for the year ended December 31, 2010. The bank’s profits after tax augmented by at least nine percent compared to last year. Similarly, 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.
Provisional charge of the bank decreased significantly by Rs 3.7 billion from 2009, primarily due to a Rs 2.7 billion decrease in provision against loans and advances. 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 increase of Rs 46 billion – with a major increase in T-bill exposure of 32 percent over 2009.
With reference to NPL, growth observed in financial year 2009 pacified to a greater extent as NPLs increased by six percent compared to a 27 percent rise, observed in 2009. On the liability side, deposit base of the bank posted an appreciable 17 percent rise and stood at Rs 431 billion, while borrowings dwindled 42 percent compared to December 31, 2009.
The quarterly breakdown of NPL accumulation highlights that NPLs increased by three percent in the last quarter. Among the concentration of NPLs, approximately 85 percent of the classified portfolio is concentrated in loss category, specifying the adequacy of specific provision held in this context – which improved by 12 percent over September. The balance sheet footing of the Bank depicted double digit growth, increasing by 11 percent to Rs 568 billion from Rs 509 billion in 2009.
Net advances augmented one percent, while gross advances raised by two percent in comparison to 2009. With reference to market share in domestic advances, a notable rise of Rs 27 billion in advances in the last quarter improved MCB’s share to 7.57 percent from 7.22 percent in September, 2010. Advances grew by 11 percent over the last quarter, with the industry exhibiting a six percent increase.
The deposit base of the bank underwent consistent growth throughout the financial year 2010 and was reported at 431 billion, resulting in an annual raise of 17 percent over 2009. A category wise analysis reveals that current deposits, savings increased and fixed deposits underwent an increase of 17 percent, 14 percent and 28 percent respectively.
UBL posts record profit
KARACHI – United Bank Limited (UBL) has posted a record consolidated profit before tax of Rs 11.020 billion for year ending December 31, 2010 and declared a final cash dividend of Rs 4 per share. According to financial results sent to KSE here on Monday, the pre-tax profit of the bank has surged to Rs 17.688 billion compared to Rs 14.392 billion in 2009. The earning per share also improved to Rs 9.01 during the period under review as against Rs 7.78 last year. Staff Report
Askari gives 10pc bonus share
KARACHI – Askari Bank Ltd has reported a lower profit after tax of Rs 943.177 million for the year ending December 31, 2010 and declared a 10 percent bonus share. According to a communique of the bank dispatched to Karachi Stock Exchange here on Monday, the profit before tax declined to Rs 1.273 billion as earning per share slipped to Rs 1.46. Staff Report