With deposits reaching Rs.1 trillion mark, Muslim Commercial Bank (MCB) has become the fourth bank to achieve this feat.
Last year, this benchmark was achieved by united bank limited following the national bank of Pakistan and Habib bank limited.
The inflow was mainly due to the deposits from depositors and investors and also from an additional pool of depositors i.e. NIB bank that has undergone a merger deal with MCB bank. An increase of Rs.50.26 billion was registered since December 2017 and that mainly resulted in crossing one trillion mark. Although Rs.21.92 billion were transferred in a net deposit to MCB’s owned subsidiary MCB Islamic bank the deposit base remains stable.
In coming months it is quite possible that other banks like Allied Bank, Bank Alfalah and Bank Al Habib will join the Rs.1 trillion club.
On account of tax provision reversals that amount to Rs.3.59 billion, MCB bank limited as reported Profit before tax of Rs.16 billion (-9.74%) and Profit after tax Rs.9.76 billion (-28.68).
For the half year ending on 30 June 2018, a second interim cash dividend of Rs.4.0 per share has been declared by the board of directors. It is in addition to Rs.4.0 per share that has been already paid to shareholders.