MCB Bank earns Rs 11.6 billion profit

MCB Bank earns Rs 11.6 billion profitThe Board of Directors of MCB Bank Limited met on Friday under the chairmanship of Mohammad Mansha and reviewed the performance of the Bank for the nine months’ period ended on September 30, 2008. During the period, the bank witnessed healthy growth in the balance sheet and key profitability indicators. Profit after tax showed increase of Rs 376 million over the similar period last year and closed at Rs 11.6 billion.
This translates into an EPS of Rs 18.50 as compared to Rs 17.90 in the same period of last year. When compared with the immediate preceding quarter, the growth in profit before tax and profit after tax comes to 16.4 percent and 10.7 percent, respectively.
The Board approved a cash dividend of Rs 3 per share for the third quarter ended September 30, 2008 (September 30, 2007: Rs 2.50 per share). Deposits have increased by Rs 32 billion over December 2007 and closed at Rs 324 billion. Growth in deposits has been achieved in all three categories of current, savings and fixed deposits which grew by Rs 16.7 billion (17.29 percent), Rs 8 billion (5 percent) and Rs 6 billion (18.96 percent) respectively. Gross loans and advances have also increased significantly by 13.5 percent from December 07 and closed at Rs 261 billion.

Copyright Business Recorder, 2008