Muslim Commercial Bank Announces First Quarter Results
Karachi: The Board of Directors met under the chairmanship of Mr. Mian Mohammad Mansha, on April 24, 2012 to review the performance of the Bank and approve the financial statements for the first quarter ended March 31, 2012.
MCB has registered outstanding results for the first quarter by posting profit before tax of Rs. 8.7 billion and profit after tax of Rs. 5.6 billion, with an annual increase of 10% and 12% respectively. Net markup income of the Bank was reported at Rs. 10.7 billion whereas non-markup income increased by 20% to Rs. 2.4 billion. Administrative expenses witnessed a controlled increase of 11% over corresponding period last year. However, there was a significant decrease in the provisioning expense of 94%.
Financial position of the Bank strengthened with Rs. 13.4 billion rise in assets base closing at Rs. 666.6 billion as of March 31, 2012. Total investments increased by Rs. 11 billion of which addition of Rs. 10 billion was contributed by PIBs. Gross advances also increased by 2% to Rs. 252.8 billion during the first quarter while the infection ratio improved to 10.39% (Dec 2011: 10.75%) as a result of 2% decrease in non-performing loans over December 2011. Deposits increased by 4% (YoY: 11%) to Rs. 512.1 billion, with 8% increase in savings accounts, 3% increase in current accounts and 2% decrease in term deposits. This improved the CASA ratio to 82% compared to 81% as of December 31, 2011.
Earnings per share (EPS) for the quarter came to Rs. 6.14 compared to Rs. 5.46 for March 31, 2011. Return on assets improved to 3.42%, return on equity improved to 28.09% whereas book value per share stood at 88.94.
The Board of Directors declared cash dividend of Rs. 3.0 (March 31, 2011: cash dividend Rs. 3.0 per share) for the quarter ended March 31, 2012.
For more information, Contact:
MCB Bank Limited
6th Floor, 15-Main Gulberg,