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Muslim Commercial Bank board told of Rs 2.11 billion pre-tax profit

LAHORE (August 19 2003) : The Muslim Commercial Bank (MCB) earned a record profit of Rs 2.11 billion before tax, for the first six months of the current calendar year, which was 39.72 percent more than the profit before tax in the corresponding period of the year 2002.

This was disclosed by Chairman MCB, Mian Muhammad Mansha at the meeting of the Board of Directors held here, to review the six months financial operations, disclosed a MCB official here on Monday.

According to him, in the meeting it was disclosed that this increase in profit has come about despite lower credit demand in the market and a substantial deduction in the mark-up of loans and advances during the period under review.

It was disclosed that the bank has distributed the Interim Cash Dividend of Rs 1.5 per share among the shareholders that was announced last March.

The MCB Chairman stated that the bank has launched a number of new products, adding that MCB Debit Card was launched in Karachi in June and would now be followed in other cities soon.

He said that the Islamic Banking Branch would also functioning in near future for which the State Bank of Pakistan has issued a license.

Initially the Islamic Banking would work from one branch but other branches would follow, he added.

According to Mansha, one of the most prestigious magazines 'Euro Money' had again awarded MCB with 'Euro Money Excellence Award 2003', declaring it as the best bank in Pakistan.

MCB has been awarded this prize for excellence thrice during the last four years.

The MCB Board of Directors was also informed that the Moody's Investors Service has upgraded the Financial Strength Rating (FSR) of MCB to D- from E+.

This financial rating carries a stable outlook and also happens to be the best rating for any Pakistani bank.

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