KARACHI : MCB Bank Ltd Director Aftab Ahmad Khan has said despite challenging operating environment, MCB delivered exceptional performance and growth in the financial year 2013, while chairing the 66th Annual General Meeting of the shareholders of MCB Bank Limited. The Bank reported profit before tax of Rs 32.288 billion and profit after tax of Rs. 21.495 billion with an increase of 2pc and 4pc over restated profit of 2012, respectively. Net markup income of the Bank was reported at Rs 37.868 billion whereas non-markup income increased to Rs. 11.171 billion.  The increase in non-markup income was primarily contributed by 158pc growth in capital gains and 14pc growth in fee, commission and brokerage income block.

 On the net markup income side, the volatility in monetary policy rate coupled with the increase in minimum deposit rate was managed through asset maturity profiling and continuous improvement in the deposit mix.

As per the Statement of Financial Position, the asset base of the Bank achieved new highs of Rs 815.508 billion growing by 6pc over December 2012.

Earnings per share (EPS) for the year came to Rs. 21.24 as compared to Rs. 20.42 for 2012. MCB maintained the highest Return on Assets in banking industry of 2.72pc during 2013, whereas Return on Equity was reported at 23.09pc.

Acknowledging the investors’ confidence in the institution, the Chairman specified that MCB was the preferred stock on the stock exchanges with highest market capitalisation in the industry.

MCB’s stock price grew from Rs 209.76 at 31st December 2012 to Rs 281.17 at 31st December 2013, representing an increase of 34pc. The Chairman further added that Pakistan Credit Rating Agency (PACRA) through its notification dated February 04, 2013, has upgraded Bank’s long term credit rating from AA+ [double A plus] to AAA [Triple A] and maintained short-term credit rating of A1+ [A one plus].