58th annual general meeting of MCB Bank held

The 58th annual general meeting of the MCB Bank Limited was held at a hotel in Islamabad here, on Tuesday. MCB Bank Limited Director Aftab Ahmad Khan chaired the meeting.
Welcoming the shareholders, Aftab said that in 2005 the bank performed extremely well. The bank''s pre-tax profit increased from Rs 4 billion in 2004 to Rs 13 billion in 2005, a growth of 225 percent.
Similarly, after tax earning was Rs 8.9 billion as compared to Rs 2.4 billion in 2004, which is highest ever profit in the history of the MCB Bank Limited. This translates into earning per share of Rs 21.36. Advances and total assets increased to Rs 188 billion and Rs 299 billion, reflecting a growth of 31 percent and 15 percent, respectively.
The bank''s equity significantly increased during the year and stood at Rs 18 billion. The increase was due to issue of right shares and retention of 2005 earnings. Increase in equity will help in improving the lending limit and, thereby, leveraging to the bank''s balance sheet.
The chair informed that Moody''s has given the bank the highest FSR rating among all rated banks in Pakistan. MCB was again declared the best bank in Pakistan by two of the most prestigious international publications - Euro Money and Asia Money.
Aftab also said that for the last seven years, MCB is regularly declaring dividends and bonuses. In 2005, two interim dividends of 17.5 percent and 15 percent were given and 20 percent final dividend and 10 percent cash dividend has been approved on Tuesday during the AGM.
The chairman assisted by President Mohammad Aftab Manzoor and CFO Ali Munir replied to the shareholders questions on financial statements.
The shareholders adopted the audited accounts of MCB Bank Limited and consolidated accounts of MCB Bank Limited and its subsidiaries. They also approved 20 percent bonus and 10 percent cash dividend.
The shareholders appointed Riaz Ahmed & Co, chartered accountants and KPMG Taseer Hadi & Co, chartered accountants in place of the retiring auditors, Ferguson & Co, chartered accountants. The chair appreciated the professionalism of the retiring auditor as statutory auditors of the bank. Election of directors was also held and nine directors were elected by the shareholders.-PR