LAHORE (PR) - The 67th Annual General Meeting of the shareholders of MCB Bank Limited was held on March 27, 2015 at Pearl- Continental Hotel Lahore, under the Chairmanship of Aftab Ahmed Khan, to transact the ordinary and special businesses of the Bank.

The President of MCB Bank Limited informed the members that despite the challenging operating environment, the Bank delivered exceptional performance and growth in the financial year 2014. MCB Bank reported Profit before Tax of Rs.36.729 billion and Profit after Tax of Rs 24.325 billion with an increase of 14pc and 13pc over 2013, respectively. This was primarily contributed by 15pc increase in Net Markup Income and 20pc increase in Non-Markup Income. Net Markup Income of the Bank was reported at Rs 43.512 billion whereas Non-Markup Income increased to Rs.13.435 billion. The increase in Non-Markup Income was due to compensation received by the Bank on delayed tax refunds amounting to Rs 1.1 billion, income from dealing in foreign currencies of Rs 527 million and fee, commission & brokerage income of Rs.484 million.

The President Imran Maqbool added that the administrative block (excluding pension fund reversal) of the Bank registered nominal increase of5pc over 2013 depicting continued focus on cost control and deployment of cost-effective measures. He further added that exceptional performance on account of recovery units coupled with strengthened risk management framework resulted in significant reversals in provision against advances. It was highlighted that the asset base of MCB Bank Limited was reported at Rs 934.631 billion signaling a healthy growth of 15pc over December 2013. Analysis of the asset mix witnessed a 14pc increase in Investments to Rs. 511.137 billion and 20pc increase in Gross Advances to Rs.322.318 billion. The quality of asset showed considerable improvement as a result of the Non-Performing Loans of the Bank contracting by 5.8pc to Rs. 21.908 billion. On the liabilities side, the deposit base of the Bank grew by 9pc and was reported at Rs. 688.330 billion. MCB Bank Limited continued to enjoy the highest CASA mix in the banking industry, at 91pc, compared to 90pc reported last year.

Earnings per share (EPS) for the year were declared at Rs. 21.85 as compared to Rs. 19.31 for 2013. During the year, MCB maintained return on assets of 2.78pc, the highest in the banking industry, whereas return on equity was reported at 23.83pc.

On account of social responsibility to the community, MCB Bank donated Rs. 40 million to Chief Minister’s Relief Fund for IDPs North Waziristan – 2014, while charity contributions of Rs. 5 million were disbursed to various charitable organisations.  The audited financial statements of MCB Bank Limited and its subsidiaries were adopted by the shareholders at the AGM and final cash dividend @ 40pc recommended by the Board of Directors, in addition to 100pc interim dividends (paid during the year), was approved. Moreover, M/s “A.F. Ferguson & Company Chartered Accountants” being eligible were appointed as the auditors of the Bank for the next financial year.