MCB Bank announces financial results

LAHORE (PR): The Board of Directors of MCB Bank Limited Thursday met under the chairmanship of Mian Mohammad Mansha to review the performance of the Bank and approve the financial statements for the year ended December 31, 2017.

During the year 2017, the Bank completed merger of NIB Bank Limited with and into MCB Bank Limited. The synergies from the merger were reflected in the financial numbers in NPL recoveries and deferred tax adjustment. On the financial performance side, MCB Bank reported profit before tax (PBT) of Rs 31.01 billion and profit after tax (PAT) of Rs 22.46 billion. In comparison with the last year, profit before tax has decreased by 14.03% whereas profit after tax has increased by 2.59% on account of reversal of prior year tax charges. Net markup income of the Bank was reported at Rs 42.41 billion, down by 3.21% over last year owing to the maturity of high yielding bonds and low-interest rate environment. On the gross markup income side, the Bank reported an increase of Rs 6.69 billion whereas on the interest expense side, the Bank registered an increase of Rs 8.09 billion over last year. To supplement its net interest margins, the Bank remained focused on increasing its low cost deposit base and venture in higher yielding assets.

The Bank has filed a petition in the Lahore High Court for demerger of 90 branches from MCB and its merger into wholly owned subsidiary MCB Islamic Bank Limited. The BoD declared final cash dividend of Rs 4.0 per share for the year ended December 31, 2017 which is in addition to Rs 12.0 per share interim dividends already paid to shareholders.

Millat Equipment achieves ISO 50001:2011

LAHORE (PR): Millat Equipment Limited is 3rd company in Pakistan that has achieved ISO 50001:2011 (Energy Management System Certification) through SGS Pakistan, local accreditation authority of Accredia Italy. Millat Equipment Limited is part of Millat Group of Companies.

On the occasion of certificate distribution ceremony, Ali Akhtar, Director-SGS Certification and Business Enhancement Pakistan, handed over the certificate to Ahsan Imran, CEO Millat Equipment, in the presence of Sikandar Mustafa Khan, chairman and directors of Millat Group of Companies.

Escorts Investment Bank at Bahria Orchard

LAHORE (PR): Bahria Town (Private) Limited has started the first branch of its latest venture ‘Escorts Investment Bank Ltd.’ at Bahria Town head office in Bahria Orchard Lahore. In the presence of a highly esteemed gathering, the new branch has commenced its operation.

CEO Bahria Town, Ahmed Ali Riaz Malik, chairman Escorts Investment Bank Zain Malik and CEO Escorts Investment Bank Naveed Amin Khawaja were present at the ceremony which was attended by the top management of both sides.

CEO Bahria Town Ahmed Ali Riaz Malik said: “This initiative is for the people who want to apply for housing finance in Bahria Town by building homes here. This bank will only grant loans to members of Bahria Town. Bahria Town aims to promote low-cost housing. However, anyone can take advantage of our other services particularly deposit schemes. We are inaugurating new branch in Karachi on 19th February and one branch in Rawalpindi.”

Zong 4G most preferred network of 2017

ISLAMABAD (PR): Zong 4G added the highest number of customers in 2017, amongst all the network service providers, thus making it the most preferred network of 2017. The company has continued to remain the foremost network preference for Pakistanis by offering the best, reliable and most affordable state-of-the-art 4G service.

By hosting more than 70% of the 4G market share, the company has continued to remain, “No. 1 Data Company” through affordable rates and best network speeds. Hosting more than half of data traffic of Pakistan in 2017, the company has continued to dominate the market. The precision for customer centricity followed by the immense financial and technological prowess of its parent company, China Mobile Communications Corporation (CMCC), have been core elements to sustain its edge in the industry.

5th annual ‘Festival of Life’ at SKMCH&RC on 18th

LAHORE (PR): Keeping up with the tradition set since past four years, the 5th annual “Festival of Life” will be held at Shaukat Khanum Memorial Cancer Hospital and Research Centre (SKMCH&RC) here on 18th of February (Sunday). The festival, which is planned by “Friends of Shaukat Khanum” with the support of Coca-Cola Pakistan and Daewoo Express Pakistan, will start at 12pm and go on till 5pm.

Talking to the media, Doctor Faisal Sultan, CEO of Shaukat Khanum Memorial Cancer Hospital & Research Centre Lahore, said: “ SKMCH&RC and SKMT keep organizing such activities with the help of our friends with the aim to serve dual purpose of spreading awareness about cancer and its treatment and to collect funds to facilitate free treatment to worthy patients at one hand while bringing all the zest of life close to cancer patients at the hospital to encourage them in their fight for life against cancer”.

“Festival of Life” encompasses all the colors, aromas, music and festivity of life that ensure a new courage to live life to its fullest” says Rubina Chaudhry, who is a cancer survivor herself and also the president of “Friends of Shaukat Khanum”. She further said, “Different fashion products including designer dresses, shoes, hand bags and different products will be exhibited for sale on special discounts”. Top designers of Pakistan are sharing their special products and the earnings from these proceeds will go to SKMCH&RC.

Beside fashion products, the festival will house food court, play area for kids and a special live musical performance by Quadrom Band and other music stars. A large number of stars from fashion and entertainment industry are expected to grace the occasion with their presence.