Despite the overall slowdown in the economy the MCB Bank continued to perform well in terms of balance sheet and revenue growth. The board of directors of the bank met on Friday under the chairmanship of Muhammad Mansha and reviewed the bank''''s performance for the nine months'''' period ended on September 30, 2009. The board approved the financial results of the bank and announced a cash dividend for the nine months period at Rs 2.5 per share ie 25 percent.
According to the financial results, the bank''''s profit before tax increased by 8 percent to Rs 17.652 billion in the nine months period this year as compared to Rs 16.296 billion earned in the same period of last year. The profit after tax of MCB Bank increased to Rs 11.805 billion in the period under review against Rs 11.623 billion in the corresponding period in 2008.
The bank''''s earning per share surged to Rs 17.08 in the period under review against Rs 16.82 in the same period last year. As per quarterly basis, the bank''''s profit after tax increased to Rs 4.048 billion translating into an earning per share of Rs 5.86 in the three months period ended September 30, 2009 against Rs 3.946 billion with earning per share of Rs 5.71 in the same quarter last year.
The mark-up/return/interest income of the bank increased to Rs 38.288 billion in the nine months period against Rs 28.084 billion in the same period last year. The bank''''s fee, commission and brokerage income slightly declined to Rs 3.923 billion against Rs 4.493 billion.
The bank''''s expenses including mark-up/return/interest expenses, provisions/write offs and operating expenditure increased to Rs 24.559 in the nine months against Rs 16.282 billion in the same period last year. The bank''''s deposits showed a growth of 10 percent from December 31, 2008 and closed at Rs 362 billion. Gross loans and advances decreased by Rs 20 billion from Rs 273 billion as at December 31, 2008 and closed at Rs 253 billion. Equity (before surplus) increased by 13 percent over the year end.
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