MCB approves 27.5 percent cash dividend and 10 percent bonus

KARACHI (March 30 2004): Shareholders of Muslim Commercial Bank Limited on Monday approved 27.5 percent cash dividend and 10 percent bonus shares for the year 2003.

The shareholders of Muslim Commercial Bank at its 56th annual general meeting chaired by Sh Mukhtar Ahmed approved the recommendations of the Board of Directors for payment of 27.5 percent cash dividend and 10 percent bonus for the year 2003.

Mukhtar informed the shareholders that Muslim Commercial Bank made a profit before tax of Rs 3.612 billion during 2003.

After payment of tax of Rs 1.38 billion, the Net Profit available for appropriations was Rs 2.877 billion.

Out of this amount, appropriations of Rs 1 billion had been made for the General Reserve and Rs 446 million for the Statutory Reserve, while Rs 1.4 billion was earmarked for payment of cash dividend and bonus.

He said that pre-tax earning per share during the year came to Rs 11.79 and after tax earning as Rs 7.28 per share.

Commenting on the current status of Pakistan economy, he observed that year 2003 proved to be a positive year for domestic growth and economic activity in Pakistan. Overall, he said, the micro-economic environment was better in Pakistan which resulted in building of investors' confidence and helped the stock market in creating new history. Pakistan's credit rating in the international capital market also improved. MCB improved its rating by Moody's and is now the highest rated Pakistani bank.

On the banking front, he said that the credit demand was expected to continue for working capital and new areas of SMEs and consumer finance. He, however, pointed out that development of infrastructure and skills was necessary for a faster pace of growth. He appreciated the work done by State Bank of Pakistan in regularising banking operations and on issuance of revised prudential regulations.

He expressed satisfaction that MCB has ATM/Debit cards of over 700,000. He was also appreciative of the launch of 'MCB Virtual' (Internet Banking) with unmatched functionalities like funds transfer, bulk payments, personalised alerts, funds management etc.

Regarding Islamic banking, he said that to meet the demand of Shariah-compliant financial products an Islamic banking branch commenced operation in Karachi and has already developed good business volume since its inception.

A comprehensive Menu of Islamic banking product is now being offered and more independent Islamic banking branches are planned in other cities during 2004.

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