KARACHI - The MCB Bank has reported profit before tax of Rs 32.054 billion and profit after tax of Rs 20.941 billion with an increase of 2pc and 8pc, respectively. Net markup income of the bank was reported at Rs 40.856 billion whereas non-markup income came to Rs. 9.153 billion. Non-markup income registered an increase of Rs 1 billion (13pc) owing to 16pc increase in fee, commission and brokerage income and 19pc increase in dividend income during the year.

The 65th annual general meeting of the shareholders of MCB Bank Limited under the chairmanship of Aftab Ahmad Khan has approved the recommendation of Board of Directors for final cash dividend @ 30pc and 10pc bonus issue.

Earnings per share (EPS) for the year came to Rs 22.77 compared to Rs 21.12 for December 31, 2011. Return on assets came to 2.95pc, return on equity was recorded at 25.07pc and book value per share improved to 95.84.

Total assets of MCB Bank grew by 17pc to Rs. 765.899 billion. The analysis of the asset mix highlights 27pc increase in investments to Rs. 402.069 billion and 5pc increase in gross advances to Rs. 262.392 billion. The quality of asset saw considerable improvement as the non-performing loans of the Bank reduced by 4pc to Rs. 25.562 billion reflecting improvement in infection ratio as at December 31, 2012.

The deposit base of the Bank grew by 11pc closing at Rs. 545.061 billion with 18pc increase in saving deposits, 13pc increase in current deposits and 12pc decrease in fixed deposits. CASA base, as a result has further strengthened to 85pc compared to 81pc last year.

The administrative block of the Bank registered an increase of 10pc over 2011, which considering the inflationary pattern followed during the year, falls within the acceptable levels. The provision charge of the Bank decreased significantly by Rs. 3.176B, primarily on the back of strengthened risk management framework.

Moreover, M/s A.F. Ferguson & Company, Chartered Accountants have been appointed as the auditors of the Bank for the next financial year.