KARACHI, March 28: Muslim Commercial Bank (MCB) has announced a final dividend of 10 per cent, according to a decision taken at the annual general meeting of the bank held in Islamabad. This final dividend is in addition to two interim dividends of 10 per cent and 15 per cent respectively had already given to the shareholders in 2004, says a press release.

The meeting, chaired by Director of the MCB Mr Tariq Rafi, approved the bank’s financial accounts for the 2004 and noted that its profit has risen to Rs4.2 billion from Rs3.6 billion in 2003.

The meeting noted that after-tax profit of the bank also increased to Rs2.5 billion in 2004 from Rs2.2 billion in 2003.

Gross advances of the bank rose to Rs144 billion at the end of 2004, from Rs104 billion at the end of 2003. Total deposits of the bank stood at Rs220 billion at the end of 2004, the release adds.

Mr Rafi informed the meeting that Moodys has given the highest FSR rating to MCB among the rated banks in Pakistan. President MCB Mr. Mohammad Aftab Manzoor was also present at the meeting.