MCB Bank Limited’s financial results for the half year ended June 30, 2011

Karachi: We have to inform you that the Board of Directors of MCB Bank Limited (MCB) in its Meeting held on July 26, 2011 at 9:00 AM (Malaysian Time), at Kuala Lumpur, Malaysia, recommended the following:

 

(i)Cash Dividend30%
(ii)Bonus SharesNil
(iii)Right SharesNil
(iv)Any Other Entitlement/Corporate ActionNil
(v)Any Other Price-Sensitive Information Nil

 

The Financial Results approved by the Board of Directors of MCB are appended as Annexure-A.

The Shareholders whose names appear in the Register of Members at the close of business on September 01, 2011 will be entitled to above entitlement.

The Share transfer book of the Bank will remain closed from September 02, 2011 to September 09, 2011 (both days inclusive) subject to the approval of the Stock Exchange. Transfer received at the office of Share Registrar M/S THK Associates (Pvt.) Limited, Ground Floor, State Life Building-3, Dr. Ziauddin Ahmed Road, Karachi at the close of business on September 01, 2011 will be treated in time for the purpose of above entitlement to the transferees.

Results for the Half Year Ended June 30, 2011 are as Follows:

(Annexure “A”)

Quarter EndedHalf YearQuarter EndedHalf Year
June 30,

2011

June 30,

2011

June 30,

2010

June 30,

2010

(Rupees in ‘000)

Mark-up / return / interest earned16,882,34532,842,38313,295,15626,395,968
Fee, commission, brokerage and other income2,144,6054,152,6231,590,5722,990,993
———-———-———-———-
Total Income19,026,95036,995,00614,885,72829,386,916
Mark-up / return / interest expensed5,578,37110,615,2574,322,2678,699,310
Provision / Write offs1,247,8302,430,9421,051,9782,054,287
Operating Expenditure3,875,1047,786,7893,550,5126,421,243
———-———-———-———-
10,701,30520,832,9888,924,75717,174,840
Profit before Taxation8,325,64516,162,0185,960,97112,212,121
Taxation- Current period2,332,3585,038,0321,783,5263,766,817
Prior years----
Deferred445,492552,574376,361503,069
———-———-———-———-
2,777,8505,590,6062,159,8874,269,886
Profit after Taxation5,547,79510,571,4123,801,0847,942,235
Retained comings brought forward22,904,29721,414,95516,40164015,779,127
Transfer from surplus on revaluation of- fixed assets – net of tax8,94717,8945,44810,896
———-———-———-———-
Profit available for appropriations28,461,03932,004,26120,208,17223,732,258
Appropriations
Transfer to:
Statutory reserve554,7791,057,141380,109794,224
Issue of bonus shares-760,215-691,105
Final cash dividend 2010 @ Rs. 3 per share-(2009: Rs.3.5)-2,280,645-2,418,866
Cash Dividend March 2011 @ Rs. 3 per share- (March 2010: Rs.2.5)2,508,7092,508,7091,900,5601,900,560
———-———-———-———-
3,063,488 6,606,7102,280,6695,804,755
———-———-———-———-
Unappropriated profit carried forward25,397,55125,397,55117,927,50317,927,503
———-———-———-———-
Earnings per share – basic and diluted – Rupees6.6312.644.559.50

For more information, contact:
Amin Sukhiani
Executive Vice President
Financial Control Division
MCB Bank Limited
MCB Building, (F-6/G-6)
Jinnah Avenue,
Islamabad, Pakistan
PABX: +9251 2278005-7
Fax: +9251 2277760