MCB’s board of directors has approved the financial statements for the half year ended June 30, 2011. According to the financial statement MCB has registered a remarkable financial performance as profit before and after tax increased to Rs16.162 billion and Rs10.571 billion respectively, increasing by 32 and 33 per cent over the corresponding period last year.
According to the press release, the board of directors met in Kuala Lumpur (Malaysia) under the chairmanship of Mian Mohammad Mansha on Tuesday.
Figures show that net interest income of the bank increased by 26 per cent over June 2010 with non markup income increasing by 39 per cent to Rs4.153 billion. On the operating expenses side, gross administrative expenses (excluding the impact of pension fund reversal) increased with a controlled growth of 12 per cent over June 2010. Provisions for the period were reported at Rs2.439 billion.
The asset base of the bank grew to Rs630 billion from Rs568 billion at the end of 2010 with an increase of 11 per cent. Advances (gross) of the bank were reported at Rs282 billion as of June 30, 2011 with a rise of three per cent over December 31, 2010. The classified portfolio of the bank registered a nominal increase of four per cent over December 31, 2010. The investment portfolio increased considerably by 22 per cent over December 2010 with high concentration levels in the risk free government securities.
