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MCB earns Rs 11.7 billion gross profit

Tuesday, 11 Aug, 2009 4:21 am

KARACHI : MCB Bank has earned profit before tax of Rs 11.7 billion during the first half of the calendar year 2009. With 10 percent growth in profit Bank has announced cash dividend of Rs 2.5 per share. The Board of Directors of MCB Bank Limited under the chairmanship of Mian Mohammad Mansha met on August 8, 2009 and reviewed the performance of the Bank during the first half of 2009.

The financial results for the period ended June 30, 2009 were presented before the Board of Directors, which were approved. Despite the overall slow down in the economy the Bank continues to perform well both in terms of balance sheet and revenue growth. During the first half of the calendar year 2009, the Bank's profit before tax closed at Rs 11.7Billion registering a significant growth of 10 percent over the reported profit before tax of corresponding period last year. Profit after tax closed at Rs 7.76 Billion translating into an EPS of Rs 11.22.

During the period under review the bank's deposits showed a growth of 10 percent from December 31, 2008 and closed at Rs 362 billion. Gross loans and advances marginally decreased by Rs 315 million from Rs 273.2 billion as at December 31, 2008 and closed at Rs 272.9 billion. Equity (before surplus) increased by 9 percent over the Year End 2008. The Board of Directors have announced cash dividend in respect of the half year ended June 30, 2009 of Rs 2.5 per share (June 30, 2008: Rs 3 per share).-PR

Copyright Business Recorder, 2009

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