MCB Bank declares profit after tax of Rs 20.941bn
Bank Alfalah here on Friday reported a profit before taxation of Rs 6,783 million for the year ended December 31, 2012, as compared to Rs 5,434 million in 2011,registering a significant improvement of 24.8 per cent.
It was reported during 21st Annual General Meeting (AGM) of Bank Alfalah Limited held here, which was chaired by Abdulla Khalil Al Mutawa and attended by CEO of Bank Alfalah, Atif Bajwa and other board members, including Khalid Mana Saeed Al Otaiba, Ikram Ul Majeed Sehgal, Nadeem Iqbal Sheikh as well as the shareholders.
Bank Alfalah’s deposits grew from last year by 14 per cent to Rs457.119 billion. Total gross advances increased from Rs 211.397 billion to Rs 248.346 billion reflecting a year on year growth of 18 percent. Net investments increased by 13.8 percent during the period under review. The overall balance sheet growth has been 14.6 percent in 2012.The current Capital Adequacy Ratio is 12.67% for the year 2012.
Islamic Banking Group has made strides right from inception and in 2012, generated a profit before tax of Rs 1,517 million for the year.
Speaking on the occasion, CEO of Bank Alfalah Atif Bajwa said: “we are pleased that our key performance indicators for 2012 indicate promising results and growth in an increasingly difficult environment. As we progress through this year, we continue to pursue our core business strengths and positively tackle challenges, whilst remaining cog- nizant of and appropriately managing operating risk. We also remain focused on introducing innovative products to a diversified client base whilst continuously seeking to enhance customer experience”. He said as we enter 2013, Bank Alfalah continues to operate through a network of 471 branches across 163 cities in Pakistan in order to provide consumers, corporations, institutions and governments with a broad spectrum of financial products and services, including corporate and investment banking, consumer banking and credit, securities brokerage, commercial, agricultural, Islamic and asset financing.
Meanwhile, the 65th Annual General Meeting of the shareholders of MCB Bank Limited under the chairmanship of Aftab Ahmad Khan has approved the recommendation of Board of Directors for final cash dividend at 30 per cent and 10 per cent bonus issue. The chairman informed the members that the MCB completed yet another remarkable year in terms of financial performance and growth.
The Bank reported profit before tax of Rs 32.054 billion and profit after tax of Rs 20.941 billion with an increase of two percent and eight percent, respectively. Net mark-up income of the Bank was reported at Rs 40.856 billion whereas non-markup income came to Rs 9.153 billion. Non-markup income registered an increase of Rs 1 billion (13 percent) owing to 16 percent increase in fee and 19 percent increase in dividend income during the year. Earnings per share (EPS) for the year came to Rs 22.77 compared to Rs 21.12 for December 31, 2011.