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MCB posts Rs 5.6b profit

25 April, 2012

KARACHI: The MCB Board of Directors met under the chairmanship of Mian Mohammad Mansha, on April 24 to review performance of Muslim Commercial Bank and approved financial statements for first quarter ended March 31, 2012.

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KARACHI: The MCB Board of Directors met under the chairmanship of Mian Mohammad Mansha, on April 24 to review performance of Muslim Commercial Bank and approved financial statements for first quarter ended March 31, 2012.

MCB has registered outstanding results for the first quarter by posting profit before tax of Rs 8.7 billion and profit after tax of Rs 5.6 billion, with an annual increase of 10pc and 12pc respectively.

Net mark-up income of the Bank was reported at Rs 10.7 billion whereas non-markup income increased by 20pc to Rs. 2.4 billion. Administrative expenses witnessed a controlled increase of 11pc over corresponding period last year. However, there was a significant decrease in the provisioning expense of 94pc.

Financial position of the Bank strengthened with Rs 13.4 billion rises in assets base closing at Rs 666.6 billion as of March 31, 2012.

Total investments increased by Rs 11 billion of which addition of Rs 10 billion was contributed by PIBs. Gross advances also increased by 2pc to Rs 252.8 billion during the first quarter while the infection ratio improved to 10.39pc (Dec 2011: 10.75pc) as a result of 2pc decrease in non-performing loans over December 2011.

Deposits increased by 4pc (YoY: 11pc) to Rs 512.1 billion, with 8pc increase in savings accounts, 3pc increase in current accounts and 2pc decrease in term deposits. This improved the CASA ratio to 82pc compared to 81pc 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 3.42pc, return on equity improved to 28.09pc whereas book value per share stood at 88.94.

The Board of Directors declared cash dividend of Rs 3.0 (March 31, 2011: cash dividend Rs. 3.0 per share) for the quarter ended March 31, 2012.

End.


 
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