LAHORE (April 29 2004): The Board of Directors of Muslim Commercial Bank (MCB) at a meeting here on Wednesday recommended payment of first interim cash dividend of 10 percent to its shareholders for the year 2004.
The meeting which was presided by Chairman Muhammad Mansha considered and approved the consolidated accounts of the bank and its subsidiaries for the first quarter ending on March 31, 2004.
According to these accounts, the profit before taxation for the period was Rs 850.10 million. After making a provision of Rs 202.40 million for taxation, the net profit after taxation came to Rs 647.40 million.
With the addition of the retained earnings brought forward on January 1, 2004, of Rs 281.60 million and surplus on revaluation of fixed assets of Rs 6.20 million, the total profit available after appropriation was Rs 935.50 million.
Out of this amount, the Board of Directors transferred Rs 129.50 million towards Statutory Reserves and announced the First Interim Cash Dividend amounting to Rs 337.18 million to its share holders.
The Board appreciated the efforts and dedicated work of all the staff.