Board of Directors of the MCB met Tuesday under the chairmanship of Mian Mohammad Mansha to review the bank’s performance and approve the financial statements for the first quarter that ended March 31. According to Muhammad Kafeel Y. Burney, Head of Public Affairs, the bank has registered outstanding results for the 1QCY2012 by posting profit before tax of Rs 8.7 billion and profit after tax of Rs 5.6 billion with an annual increase of 10% and 12%, respectively. The net markup income of the bank, Burney said, was reported at Rs 10.7 billion whereas non-markup income increased by 20% to Rs 2.4 billion. The Administrative expenses witnessed a controlled increase of 11% over corresponding period last year.
However, there was a significant decrease in the provisioning expense of 94%, said he. Financial position of the bank, he said, strengthened with Rs 13.4 billion rise in assets base closing at Rs 666.6 billion as of March 31. Total investments increased by Rs 11 billion of which addition of Rs 10 billion was contributed by PIBs. Gross advances also increased by 2% to Rs. 252.8 billion during the first quarter while the infection ratio improved to 10.39% (Dec 2011: 10.75%) as a result of 2% decrease in non-performing loans over December 2011. The deposits increased by 4% (YoY: 11%) to Rs 512.1 billion, with 8% increase in savings accounts, 3% increase in current accounts and 2% decrease in term deposits. This improved the CASA ratio to 82% compared to 81% as of December 31, 2011. Earnings per share (EPS) for the quarter came to Rs 6.14 compared to Rs. 5.46 for March 31, 2011. Return on assets improved to 3.42%, return on equity improved to 28.09% whereas book value per share stood at 88.94. According to Burney, the bank’s Board declared cash dividend of Rs 3.0 (March 31, 2011: cash dividend Rs. 3.0 per share) for the said quarter.
