Pakistan's MCB ups 1H profits by 7%

Muslim Commercial Bank posted 7% increases in both profit before tax of Rs. 17.2 billion, and profit after tax of Rs. 11.3 billion.

Meanwhile, non-markup income increased by 25% to Rs. 5.2 billion and net markup income of the bank was reported at Rs. 20.9 billion.

The board of directors of the Pakistani bank has declared second interim cash dividend of Rs. 4.0 in addition to  first interim cash dividend of Rs. 3.0 already paid, according to a statement from the MCB Bank head office.

Earnings per share 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.

Financial position of the Bank strengthened with Rs. 32.9 billion rise in assets base over December 2011 and was reported at Rs. 686.1 billion as of June 30, 2012. Net investments increased by Rs. 11 billion to Rs. 327.5 billion. Gross advances also increased by Rs. 15.6 billion to Rs. 263.7 billion while the infection ratio improved to 10% from 10.75% in Decemebr 2011. Deposits increased by 8% to Rs. 529.4 billion, with 13% increase in current accounts, 9% increase in savings accounts and 4% decrease in term deposits. This improved the CASA ratio to 83% compared to 81% as of December 31, 2011.

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