The 61st Annual General Meeting (AGM) of MCB Bank Limited under the chairmanship of Aftab Ahmed Khan was held on Friday in Islamabad to transact the ordinary and special business of the bank. The chairman informed the members that during the year 2008 MCB Bank continued to perform well.
The bank showed a growth of 3 percent and 1 percent in profit before and after tax respectively which closed at Rs 21.86 billion and Rs 15.37 billion in the year 2008 respectively as compared to Rs 21.31 billion and Rs 15.3 billion for the year 2007. This translated into an earning per share (EPS) of Rs 24.47 in this period as compared to Rs 24.30 for the previous year.
He further informed the members that banks total assets grew by Rs 33 billion or 8 percent over the figure of Rs 410 as on December 2007 and stood at Rs 443 billion at the year-end December 31, 2008. Gross loans and advances increased 19 percent from December 2007 and stood at Rs 273 billion. Deposits grew by Rs 38 billion or 13 percent and stood at Rs 330 billion in 2008 as compared to Rs 292 billion as on December 2007.
With reference to section 178 of the Companies Ordinance, 1984 regarding election of directors for a period of 3 years, one of the nominations was withdrawn before the election, rendering the remaining candidates as elected directors of the Bank.
The audited financial statements of MCB Bank Limited and its subsidiaries were adopted by the shareholders at the AGM and final cash dividend at 25 percent and 10 percent bonus issue as recommended by the BOD was approved. Moreover, M/s KPMG Taseer Hadi & Company, Chartered Accountants have been elected as the auditors of the bank for the next financial year.-PR
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