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Karachi: We have to inform you that the Board of Directors of MCB Bank Limited (MCB) in its Meeting held on July 26, 2011 at 9:00 AM (Malaysian Time), at Kuala Lumpur, Malaysia, recommended the following:
| (i) | Cash Dividend | 30% |
| (ii) | Bonus Shares | Nil |
| (iii) | Right Shares | Nil |
| (iv) | Any Other Entitlement/Corporate Action | Nil |
| (v) | Any Other Price-Sensitive Information | Nil |
The Financial Results approved by the Board of Directors of MCB are appended as Annexure-A.
The Shareholders whose names appear in the Register of Members at the close of business on September 01, 2011 will be entitled to above entitlement.
The Share transfer book of the Bank will remain closed from September 02, 2011 to September 09, 2011 (both days inclusive) subject to the approval of the Stock Exchange. Transfer received at the office of Share Registrar M/S THK Associates (Pvt.) Limited, Ground Floor, State Life Building-3, Dr. Ziauddin Ahmed Road, Karachi at the close of business on September 01, 2011 will be treated in time for the purpose of above entitlement to the transferees.
Results for the Half Year Ended June 30, 2011 are as Follows:
|
(Annexure “A”) |
||||
| Quarter Ended | Half Year | Quarter Ended | Half Year | |
| June 30,
2011 |
June 30,
2011 |
June 30,
2010 |
June 30,
2010 |
|
|
(Rupees in ‘000) |
||||
| Mark-up / return / interest earned | 16,882,345 | 32,842,383 | 13,295,156 | 26,395,968 |
| Fee, commission, brokerage and other income | 2,144,605 | 4,152,623 | 1,590,572 | 2,990,993 |
| ———- | ———- | ———- | ———- | |
| Total Income | 19,026,950 | 36,995,006 | 14,885,728 | 29,386,916 |
| Mark-up / return / interest expensed | 5,578,371 | 10,615,257 | 4,322,267 | 8,699,310 |
| Provision / Write offs | 1,247,830 | 2,430,942 | 1,051,978 | 2,054,287 |
| Operating Expenditure | 3,875,104 | 7,786,789 | 3,550,512 | 6,421,243 |
| ———- | ———- | ———- | ———- | |
| 10,701,305 | 20,832,988 | 8,924,757 | 17,174,840 | |
| Profit before Taxation | 8,325,645 | 16,162,018 | 5,960,971 | 12,212,121 |
| Taxation- Current period | 2,332,358 | 5,038,032 | 1,783,526 | 3,766,817 |
| Prior years | – | – | – | – |
| Deferred | 445,492 | 552,574 | 376,361 | 503,069 |
| ———- | ———- | ———- | ———- | |
| 2,777,850 | 5,590,606 | 2,159,887 | 4,269,886 | |
| Profit after Taxation | 5,547,795 | 10,571,412 | 3,801,084 | 7,942,235 |
| Retained comings brought forward | 22,904,297 | 21,414,955 | 16,401640 | 15,779,127 |
| Transfer from surplus on revaluation of- fixed assets – net of tax | 8,947 | 17,894 | 5,448 | 10,896 |
| ———- | ———- | ———- | ———- | |
| Profit available for appropriations | 28,461,039 | 32,004,261 | 20,208,172 | 23,732,258 |
| Appropriations | ||||
| Transfer to: | ||||
| Statutory reserve | 554,779 | 1,057,141 | 380,109 | 794,224 |
| Issue of bonus shares | – | 760,215 | – | 691,105 |
| Final cash dividend 2010 @ Rs. 3 per share-(2009: Rs.3.5) | – | 2,280,645 | – | 2,418,866 |
| Cash Dividend March 2011 @ Rs. 3 per share- (March 2010: Rs.2.5) | 2,508,709 | 2,508,709 | 1,900,560 | 1,900,560 |
| ———- | ———- | ———- | ———- | |
| 3,063,488 | 6,606,710 | 2,280,669 | 5,804,755 | |
| ———- | ———- | ———- | ———- | |
| Unappropriated profit carried forward | 25,397,551 | 25,397,551 | 17,927,503 | 17,927,503 |
| ———- | ———- | ———- | ———- | |
| Earnings per share – basic and diluted – Rupees | 6.63 | 12.64 | 4.55 | 9.50 |
For more information, contact:
Amin Sukhiani
Executive Vice President
Financial Control Division
MCB Bank Limited
MCB Building, (F-6/G-6)
Jinnah Avenue,
Islamabad, Pakistan
PABX: +9251 2278005-7
Fax: +9251 2277760