MCB earns Rs 4.141bn profit after tax in Jan-Mar

[Lahore_Real_Estate]

KARACHI: MCB Bank earned a profit after tax of Rs 4.141 billion during the first quarter (January-March) of the current financial year, translating into an annualized earnings per share of Rs. 21.79. The bank delivered profit before tax of Rs 6.251 billion as against Rs 6.238 billion in the same period of last year. The financial results for the first quarter were approved by the Board of Directors, which met on April 21 under the chairmanship of Mian Mohammad Mansha and reviewed the performance of the Bank. The Board of Directors declared cash dividend of Rs. 2.5 per share for the quarter. During the quarter under review, deposits increased by 7% to Rs 391.6 billion from Rs 367.6 billion in December 2009; savings deposits grew by 8% and current and fixed deposits by 5%. Gross advances decreased by 3.8% over December 2009. The non-performing loans of the Bank increased by 0.3% over December 2009 and stood at Rs 23.3 billion. staff report