The 63d Annual General Meeting of the shareholders of MCB Bank Limited under the chairmanship of Aftab Ahmad Khan was held on Thursday at local hotel to transact the ordinary and special business of the Bank. The chairman informed the members that MCB completed yet another remarkable year in terms of financial performance and posted a profit before tax of Rs 26 billion, with a rise of 13% from 2009, and profit after tax of Rs 17 billion with an increase of 9% from last year.
Net interest income of the Bank increased by 1.1 billion over 2009 whereas non-fund based income registered a growth of 11% and was reported at Rs 6.2 billion. The provision charge of the bank decreased significantly Rs 3.7 billion from 2009, mainly owing to a Rs 2.7 billion decrease in provision against loans and advances.
Total asset of the bank were reported at Rs 568 billion, increasing by 11% from 2009, gross advances increased by Rs 4.4 billion while investments registered a significant increase of Rs 46 billion with major increase in T-bill exposure of 32% over 2009. With reference to the NPL numbers, the growth observed in financial year 2009 have been pacified, to a greater extent as NPLs increased by 6% over 2009 as compared to significant increase observed in 2009 of 27% over 2008, with concentration levels increasing to 85% in the loss category. On the liability side, deposit base of the bank increased significantly by 17% and were reported at Rs 431 billion while borrowings decreased by 42% over December 31, 2009.-PR