MCB Bank profit up by Rs 15.265 billion

The profit after tax of MCB Bank Limited has increased by 26 percent to Rs 15.265 billion in the calendar year 2007 as compared to Rs 12.142 billion earned in 2006. The bank's earning per share surged to Rs 24.30 in the period under review against Rs 19.33 per share in the same period a year back.
The board of directors of the bank, in its meeting held on Friday recommended a final cash dividend for the period at the rate of Rs 5.00 ie 50 percent. The Board, under the chairmanship of Mian Mohammad Mansha, reviewed the bank's performance during year ended December 31, 2007 and approved the financial results for 2007.
According the bank's announcement issued, MCB continued to perform well during the year 2007. The bank showed a growth of 15 percent and 26 percent in profit before and after tax respectively which stood at Rs 21.31 billion and Rs 15.27 billion as compared to Rs 18.50 billion and Rs 12.14 billion for period of 2006 respectively.
On consolidated basis profit before and after tax showed a growth of 19 percent and 31 percent over 2006 and stood at Rs 22.5 billion and Rs 16.44 billion respectively. This translates into EPS of Rs 24.30 as compared to Rs 19.33 reported for the corresponding year. On consolidated basis EPS came to Rs 26.17 as compared to Rs 19.96 for December 2006.
During the period under review the bank's total assets grew by Rs 68 billion (20 percent) over the reported figures of Rs 342 billion as on December 2006. Gross loans and advances increased by 12 percent from December 2006 and stood at Rs 230 billion. Deposits grew by Rs 35 billion (13 percent) and stood at Rs 292 billion compared to Rs 257 billion as on December 2006. Equity as a result of increased profitability has grown from Rs 36 billion to Rs 45 billion, representing a growth of 27 percent.
Moody's has upgraded BFSRs rating by one notch from D-to D and assigned Baa3/Prime-3 rating to Global Local Currency Deposit. Pacra has maintained long term and short term rating of AA+ and A1+ respectively which show bank's stable outlook.