KARACHI: MCB has shown remarkable performance in first quarter of 2011 as Profit before tax and after tax has reached to the level of 7.8 bn and 5.02 bn respectively. This increase is about 25% and 21% more as compare to the corresponding quarter of the last year. The Board meeting of Directors held on 26 April 2011, head by Chairman Mian Mansha has given its approval for the financial statements of Q1 2011.
The Earning per share is about Rs 6.61 as compared to Rs 5.45 for the same quarter last year. Return on asset is improved to 3.4% from 3.13% of Q1 2010. Return on Equity (ROE) is 28.48%, whereas, in first quarter of 2010 it was about 25.9%.
The Board of directors has also announced dividend of Rs 3.00 per share for Quarter ended March, 2011. Last year Rs 2.5 per share was given as dividend.
The financials also show that net interest income has increased by 25% over March 2010 with non mark up income increasing by 43% as compared to the income in same quarter previous year. The operating expenses of the bank excluding pension fund has increased in a controlled manner by only 12% and provisions are reported are 1.197 bn. The asset base has reached to the level 625bn from 568bn at the yearend 2010. The gross advances are Rs 280 bn, showing a positive increase of 2% over Dec 31, 2010.
Due effective risk management policies the classified portfolio has just increased by 1%. The investment portfolio, however, is showing a considerable increase of 17% over Dec 2010. This largely comprise of investment in risk free Government securities. The deposit base has increased by 7% and total current and saving deposits have reached to 82% from 81% as of Dec 31, 2010.
MCB has shown very good results in the first quarter of the year 2011, this shows the great dedication of the management and professionals progressively taking it to the next higher level.