MCB posts Rs 17bn profit after tax
11 February, 2011
KARACHI: MCB Bank Limited registered 9 percent growth in its profit after tax to Rs 17 billion during the year ended on December 17, 2010.
The bank announced the financial results for the year ended December 31, 2010 on Thursday after it were approved by the Board of Directors of MCB Bank Ltd.
MCB posted a profit before tax of Rs 26 billion, with a rise of 13% from 2009. Net interest income of the bank increased by 1.1 billion over 2009 whereas non fund based income registered a growth of 11% and was reported at Rs 6.2 billion.
The provision charge of the bank decreased significantly by Rs 3.7 billion from 2009, mainly owing 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% 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% over 2009. With reference to the NPL numbers, the growth observed in financial year 2009 has been pacified to a greater extent as NPLs increased by 6% over 2009 as compared to a significant increase observed in 2009 of 27% over 2008, with concentration levels increasing to 85% in the loss category.
On the liability side, deposit base of the bank increased significantly by 17% and were reported at Rs 431 billion while borrowings decreased by 42% over December 31, 2009.
The Board of Directors also declared final cash dividend of Rs 3.0 per share and 10% bonus share for the year ended December 31, 2010 (December 31, 2009: cash dividend Rs 3.5 per share, 10% bonus share). This is in addition to 85% interim cash dividend already paid in 2010.