The board of directors of MCB Bank on Wednesday recommended cash dividend at Rs 2.5 per share ie 25 percent for the quarter ended March 31, 2010. The Board of Directors of the bank met under the chairmanship of Mian Mohammad Mansha and reviewed the performance of the bank for the quarter ended March 31, 2010.
The financial results for the first quarter of 2010 were presented before the Board, which were approved. According to the financial results, the bank delivered profit before tax of Rs 6.251 billion in the first quarter of 2010 against Rs 6.238 billion for similar quarter last year whereas profit after tax was reported at 4.141 billion translating into an annualised earning per share (EPS) of Rs 21.79 as compared to restated EPS for 2009 of Rs 20.38.
During the period under review, the bank's deposits significantly increased by 7 percent to Rs 391.6 billion from Rs 367.6 billion in December 2009; with savings deposits with the highest growth of 8 percent followed by current and fixed deposits both with an increase of 5 percent. Gross advances decreased by 3.8 percent over December 2009. The non performing loans of the bank marginally increased by 0.3 percent over December 2009 and were reported at Rs 23.3 billion.
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