MCB declares 12.5 percent second interim dividend: net profit rises 41 percent in nine months

KARACHI (October 31 2003): The Muslim Commercial Bank declared a second interim dividend of 12.5 percent as its net profit rose 41 percent for the nine months ended September 30, 2003.

The MCB profit rose by 41 percent to Rs 1.752 billion as compared with Rs 1.239 billion in the same period last year.

The profit of the bank was up due mainly to the robust growth witnessed in commission, exchange, brokerage and other income heads. It denoted an increase of over 200 percent reaching Rs 3.509 billion as compared with Rs 1.614 billion in the same period last year.

According to an analyst, the declining interest rates helped the MCB to pay less to its depositors during the period, as the profit paid on deposits and borrowing dropped to Rs 2.338 billion from Rs 4.609 billion in the corresponding period last year.

The MCB Board of Directors under the chairmanship of Mian Muhammad Mansha met on Thursday, and declared a second interim dividend of 12.5 percent or Rs 1.25 per share to its shareholders.

The bank has already paid a first dividend of 15 percent for the period, totalling to 27.5 percent.

The accounts showed that the earning per share has gone up to Rs 5.72 from Rs 4.04 of the same period a year ago.

The Board also transferred Rs 350.54 million to the statutory reserve and Rs 900 million of general reserve before declaring second interim dividend.

MCB's earnings of nine-months in millions of rupees:

===========================================================                      Jan-Sept 2003   Jan-Sept 2002   Change ----------------------------------------------------------- Total income            11,931          13,213          -10 Total expenditure        8,920          11,090          -20 Profit before tax        3,010           2,122           42 Profit after tax         1,752           1,239           41 ===========================================================

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