The MCB Bank continued to perform well and showed a growth of 6 percent, and one percent, in profits before and after tax respectively in the year ended December 31, 2009. The 62nd Annual General Meeting of MCB Bank Limited, under the chairmanship of Aftab Ahmed Khan, was held on Friday in Islamabad to transact ordinary and special business of the Bank.
Aftab informed the members that during the year 2009 MCB Bank showed a growth of six percent and one percent in profits before and after tax respectively which closed at Rs 23.2 billion and Rs 15.5 billion in 2009 respectively as compared to Rs 21.9 billion and Rs 15.4 billion for the year 2008. This translated into earning per share (EPS) of Rs 22.42 in 2009 as compared to Rs 22.25 for the last year.
He said that the bank''s total assets grew by Rs 65.6 billion, or 15 percent, over the figure of Rs 443.6 as on December 2008 and stood at Rs 509.2 billion at the year end on December 31, 2009. Gross loans and advances decreased by one percent from December 2008 and stood at Rs 269.7 billion whereas investments increased by 73 percent from December 2008 and stood at Rs 167.1 billion. Deposits grew by Rs 37.4 billion or 11 percent and stood at Rs 367.6 billion compared to Rs 330.2 billion as on December 2008.
The audited financial statements of MCB Bank Limited and its subsidiaries were adopted by the shareholders at the AGM and final cash dividend at 35 percent and 10 percent bonus issue as recommended by the BOD was approved. Moreover, KPMG Taseer Hadi & Company, Chartered Accountants, have been appointed as auditors of the Bank for the next financial year.
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