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Muslim Commercial Bank's profit rises by 84 percent

KARACHI (October 29 2002) : The Muslim Commercial Bank's profit rose 84 percent in quarter ended September 30, 2002, compared with the previous year.

The MCB Board of Directors, which met in Lahore on Saturday under the chairmanship of Mian Muhammad Mansha, has recommended to give an interim cash dividend of 2.50 per share or 25 percent to its shareholders, based on the nine months operational results of the bank.

The MCB had announced 10 percent interim bonus to its shareholders in April this year which brings the interim cash and bonus to Rs 3.50 per share so far, for the year 2002.

During the first nine months, MCB made an operational post-tax profit for the period ended September 30, 2002 of Rs 1,239.18 million, which was 83.9 percent higher than Rs 673.55 million, after tax profit registered during the share period in the year 2001.

The board of directors was informed that MCB has made all-around progress during the current year 2002 which are reflected in the improved results and over-all growth of deposits and total assets of the bank.

The bank deposits as on September 2002 increased to Rs 175 billion from Rs 154 billion a year before, showing a rise of 13.6 percent. Total net assets of the bank were Rs 9,478 million as compared to Rs 6,887 million a year back, showing a healthy rise of Rs 37.6 percent.

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