The board of directors (BoD) of MCB Bank Ltd has declared final cash dividend of Rs 3 and 10 percent bonus shares, in addition to interim cash dividends of Rs 10 already paid for the year ended December 31, 2012, a statement of the bank said on Thursday. Earnings per share (EPS) for the year came to Rs 22.77 as compared to Rs 21.12 for December 31, 2011. Return on assets came to 2.95 percent, return on equity was recorded at 25.07 percent and book value per share improved to Rs 95.84. The BoD met under the chairmanship of Mian Mohammad Mansha to review the performance of the bank and approve the financial statements. For the year 2012, the bank reported profit before tax of Rs 32.054 billion and profit after tax of Rs 20.941 billion with an increase of 2.0 percent and 8.0 percent, respectively. Total assets of MCB Bank Limited grew by 17 percent to Rs 765.899 billion. The analysis of the asset mix highlights 27 percent increase in investments to Rs 402.069 billion ...

President Asif Ali Zardari has called upon the private sector of the country to take full advantage of the level playing field provided to it by the present Government through financial and structural reforms. During awards distribution ceremony among the top ranking companies and business entities for the year 2008 & 2009 held at Aiwan-e-Sadr on Monday, the President said that the success of the winning corporations highlights the opportunities Pakistan offers to business and investment. We have a very conducive investment climate, he said. According to prepared text of speech, the President said that Pakistan was lagging behind in the manufacturing sector and its share in the global exports was not what it should be. The private sector needs to play a greater role in enhancing manufacturing capacity to serve regional and global markets, he emphasized. The President said that the stock exchanges also need to extend their outreach throughout the country. This, he said, will increas...

Board of Directors of the MCB Bank has approved the proposed acquisition of Royal Bank of Scotland’s local commercial and retail operations. The expected transaction is subject to signing of the share purchase agreement, SBP approval and other customary regulatory approval/requirements. MCB revealed this in a notice sent to Karachi Stock Exchange (KSE) on Monday. MCB further said the Board of Directors of MCB met on August 08, 2009 at MCB premises for announcing bank’s first half year financial results for 2009 and to consider proposed purchase of RBS, Pakistan (formerly ABN AMRO Bank). The top-level management of MCB has consented to participate in a bidding process, which is expected to be held soon for acquiring the stake of RBS, Pakistan by MCB Bank. According to a notice, the concerned parties are set to sign share purchase agreement soon which is being financially advised by Bank of America, Merrill Lynch and KASB Bank Limited on the proposed transaction. Some news reports have c...

(Bloomberg Report) MCB Bank Ltd., Pakistan’s biggest by market value, and Habib Bank Ltd. are competing to buy Royal Bank of Scotland Group Plc’s local operations as the U.K. lender seeks to raise capital following a government takeover. MCB and Habib Bank, the second-largest, plan to apply to the central bank for approval to begin a due diligence review of RBS Pakistan, the lenders said in separate statements to the Karachi Stock Exchange today. The unit has a market value of 21.4 billion rupees ($266 million). The purchase would give the banks an edge in a nation that forecasts an economic revival starting in the next fiscal year. Pakistan’s economy may expand more than 6 percent annually on average over the next five years, Shaukat Tarin, adviser to the prime minister, said last month, as the nation seeks $6 billion in aid from countries including the U.S. and Japan. “Habib Bank would turn into the biggest by assets and deposits, while it is already the biggest by branches,” follow...

KARACHI: MCB Bank, having a huge investment portfolio, also announced its financial results, which had been delayed because of impairment values treatment problem. MCB Bank depicted a negligible 0.71 percent growth in profit to Rs 15.374 billion in 2008 from Rs 15.265 billion in 2007, according to a notice issued by the Karachi Stock Exchange (KSE) on Monday. It announced 25 percent cash dividend and 10 percent bonus shares. The earnings per share (EPS) stood at Rs 24.47 for the year under review compared with Rs 24.30 in the previous year. The profit before tax stood at Rs 21.867 billion in 2008 compared with Rs 20.808 billion in the previous year. The bank’s income on account of markup/return/interest jumped to Rs 40.043 billion in 2008 from Rs 31.785 billion in 2007. Operating expenditure saw substantial increase to Rs 23.967 billion from Rs 16.926 billion in the previous year.