KARACHI, Feb 24: MCB Bank on Friday announced historic profits for the year 2005 and declared 20 per cent bonus shares and 10 per cent cash dividend, in addition to 32.5 per cent interim cash dividend.

The bank’s pre-tax earning increased to Rs13 billion as against Rs4 billion last year, registering a growth of 225 per cent.

After tax profit also recorded a huge growth of 270 per cent to Rs8.9 billion as compared to Rs2.4 billion last year. The profits pushed up the earning per share (EPS) to Rs21.36.

The cumulative bonus shares and dividend impact makes the highest payout by a bank so far. More financial results of big banks are yet to come.

The board of directors meeting chaired by Mian Mohammad Mansha approved the financial results on Friday in Lahore. President Mohammad Aftab Manzoor was also present on the occasion and lauded the efforts of the bank.

MCB Bank also registered a healthy growth in advances and assets, which increased to Rs188 billion, or 31 per cent, and Rs299 billion, or 15 per cent, respectively.

Bank’s equity significantly increased to Rs18 billion.

The increase was due to issuance of right shares and retention of 2005 earnings. Increase in equity will help the bank increase its lending limit and thereby leverage the bank’s balance sheet.