Muslim Commercial Bank profit almost doubles

KARACHI (April 29 2003) : The profit before tax of Muslim Commercial Bank was almost double in the first quarter ended March 31, 2003, despite decline in interest rates.

Muslim Commercial Bank Ltd on Monday announced its financial results for the quarter ended March 31, 2003, and declared an interim dividend of 15 percent, or 1.5 rupees a share.

The company's profit before tax amounted to Rs 1.2 billion as compared with Rs 665 million of the same period corresponding year.

The net profit of the bank totalled at Rs 744 million from Rs 375 million of the same period a year earlier, the bank said in a notice issued to Karachi Stock Exchange.

The share price of the bank at the close of the stock market registered an increase of Re 1 to Rs 33.35.

The commission, exchange brokerage and other income heads posted an increase of almost Rs 900 million which, according to an analyst, showed that the bank made healthy investment in stock market. The company's three-month statement.

=====================================================                           2003       2002       Change                         Jan-March   Jan-March      (%)                                  In millions of rupees  =====================================================  Mark-up                    3,402       3,961   -14.11  Commission & Other  Income                     1,461         525   278.78  Profit paid on  Deposits, borrowing        1,050       1,626   -35.42  Total expenditure          3,659       3,820    -4.21  Net profit                   744         375    98.40  =====================================================

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