The board of directors of MCB Bank on Thursday declared cash dividend of Rs 3.00 per share ie 30 percent for the half year period ended June 30, 2010. The Board of Directors of the bank met on Thursday under the chairmanship of Mian Mohammad Mansha and reviewed the performance of the Bank for the half-year ended June 30, 2010. The financial results for the first half of 2010 were presented before the board, which were approved.
According to the financial results sent to Karachi Stock Exchange (KSE), the bank's profit before taxation increased to Rs 12.212 billion in the half year period in 2010, as compared to Rs 11.688 billion recorded in the same period in 2009.
The bank's profit after tax increased to Rs 7.942 billion in this period under review, as compared to Rs 7.756 billion earned in the same period a year back. The bank's earning per share increased to Rs 10.45 in the half-year period in 2010 against Rs 10.20 in the same period in 2009. During the period under review, the bank's deposits significantly increased by 14 percent to Rs 419.3 billion from Rs 367.6 billion in December 2009. Investments increased by 7 percent (Rs 12 billion) over December 2009. Gross advances decreased by 2 percent over December 2009. The growth in non performing loans of the Bank remained pacified during the period under review, highlighting an increase of 4 percent over December 2009.
The bank's mark-up/return/interest earning increased to Rs 26.395 billion in the half year period this year against Rs 25.849 billion in the same period last year. The bank's fee, commission and brokerage income increased to Rs 2.990 billion against Rs 2.757 billion. The bank's mark-up/return/interest expenses increased to Rs 8.699 billion against Rs 7.765 billion, provisions/write offs declined to Rs 2.054 billion against Rs 4.0 billion, while operating expenditure increased to Rs 6.421 billion against Rs 5.153 billion.