KARACHI: MCB Bank has announced Rs19.4 billion profit before tax for the first three quarters of 2010 as against Rs17.6 billion for the corresponding period in 2009, showing an increase of 10 percent.
Profit after tax was reported at Rs 12.5 billion, translating into an earning per share (EPS) of Rs16.44, said a statement issued on Tuesday.
The board of directors met on October 26 and reviewed the performance of the Bank for the nine months ended September 30. It approved the financial results for the period.
Markup income increased by five percent to Rs40 billion, resulting in a one percent increase in net-interest income. Non interest income increased by 17 percent.
The provision charge against advances decreased by 55 percent and provision against investments decreased by 85 percent, the statement said.
Total deposits grew by 15 percent to Rs422.3 billion from Rs367.6 billion at the end of 2009; low-cost deposits rose by 13 percent and formed 81 percent of the total deposit base. The increase in deposits pushed up MCB’s market share to 8.9 percent from 8.3 percent in 2009.
Assets grew by Rs30 billion over December 2009. Major contribution to the increase came from investments that rose by 24 percent to Rs208 billion.
Gross advances decreased by 8 percent over December 2009, owing to the overall shortfall in domestic credit, said the statement.
Return on Equity (ROE) and Return on Assets (ROA) were recorded at 26 percent and 3.2 percent, respectively.
The board declared third interim cash dividend of Rs3 per share (30 percent). This was in addition to the interim cash dividend already paid during the financial year at Rs6 per share (60 percent), the statement said.
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