MCB Bank de­clares profit af­ter tax of Rs 20.941bn

The Pak Banker - - FRONT PAGE -

Staff Re­porter

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.

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