The Board of Directors of MCB Bank Ltd, chaired by country’s richest Muhammad Mian Mansha, who’s recently eyeing Indian Banking market, has announced financial results for first six months and declared second interim cash dividend of Rs 4.0 in addition to first interim cash dividend of Rs 3.0 already paid.
According to financial statements issued to stock exchanges, MCB Bank has made a staggering Rs 1,100 Crore in first six months of 2012.
Net interest income declined by 6% to Rs20.9 billion during the period under review against Rs22.2 billion in the same period last year. Earnings per share (EPS) for the period came to Rs. 12.31 compared to Rs. 11.49 for June 30, 2011. Return on assets increased to 3.38%, return on equity was recorded at 27.68% and book value per share improved to 92.16.
Bank’s net advances to deposits ratio (ADR) dropped significantly 45% from 56% in the same period last year. The resultant slow down in non-performing loan accretion is expected to lead a whopping 87% decline in provisioning charge during the period under review. Additionally, having provided for 81% of its non-performing loans the banks asset quality is termed best among its peers.
Non-mark up expenses stood at Rs 520 Crore during first half of 2012 compared with Rs420 Crore in the same period last year.
MCB has made capital gain on shares trading which worth of Rs67 Crore and more than double dividend income of Rs80 Crore.
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