KARACHI- MCB Bank has announced gross profit of Rs 31.483 billion.
The Board of Directors met under the chairmanship of Mian Mohammad Mansha, on Tuesday to review the annual performance of the Bank and approve the financial statements for the year ended December 31, 2011.
Financial year 2011 proved to be a year of record performance for MCB Bank Limited as it reported 20pc and 15pc increase in profit before tax (PBT) and profit after tax (PAT) respectively, with its asset base registering an increase of 15pc over December 31, 2010. The Bank achieved the milestone of being the first bank in the Pakistan banking industry to post profit before tax in excess of Rs 30 billion with PBT reported at Rs 31.483 billion and PAT reported at Rs 19.425 billion. Net interest income of the Bank increased by 21pc over last year with non mark up income increasing by 29pc to Rs 8.112 billion. On the operating expenses side, gross administrative expenses (excluding the impact of pension fund reversal) increased with a controlled growth of 15pc over last year. Provisions for the period were reported at Rs 3.654 billion with a nominal increase of 2pc over last year.
The asset base of the Bank grew to Rs 653.233 billion from Rs.567.553 billion as at year end 2010. The investment portfolio increased considerably by Rs 103.6 billion over December 2010 with higher concentration in risk free government securities.
Advances (gross) of the Bank were reported at Rs 248.135 billion with a decrease of 9pc over 2010, mainly on account of conversion of commodity financing/circular debt exposure to risk free government securities.
The deposit base of the Bank went up by 14pc, with 11pc and 16pc increase reported in current and saving deposits respectively, maintaining the CASA percentage at 81pc.
Earnings per share (EPS) as of December 31, 2011 came to Rs 23.23 compared to Rs.20.18 for last year. Return on assets improved to 3.18pc (2010: 3.13pc) whereas return on equity improved to 26.23pc (2010: 25.91pc).
The Board of Directors declared cash dividend of Rs 3.0 (December 31, 2010: cash dividend Rs.3.0 per share) and bonus issue of 10pc (December 31, 2010: 10pc) for the period ended December 31, 2011, in addition to interim cash dividends of Rs.9.0 already paid.