Karachi, April 27: MCB Bank Limited announced after tax profit amounting to Rs3.7 billion for the first quarter ended March 31, 2007.

It translated into earning per share (eps) of Rs5.93. For the same period last year, the bank had posted after tax profit at Rs3 billion, representing eps of Rs4.78.

The meeting of the board was held on Friday with Mian Mohammad Mansha in the chair. Cash dividend at 25 per cent was declared for the shareholders.

A press release issued by the bank stated that during 1Q07, MCB had earned record pre tax profit of Rs5.2 billion, registering growth of 24 per cent over the corresponding period last year. Deposits stood at Rs 281 billion, registering growth of 9 per cent from figures on December 31, 2006.

Loan and advances decreased by Rs11 billion to Rs187 billion compared with Rs198 billion at end-December 2006. The bank attributed decline to “overall slowdown witnessed in credit to private sector.”

The bank stated that investment portfolio had, nonetheless, shown growth of 54 per cent to Rs98 billion at the end of quarter under review, from Rs63 billion at end of December last year.

MCB Bank stated in its press release that Moody’s had upgraded BFSRs ratings by one notch from D- to D and assigned Baa3/Prime-3 rating to Global Local Currency Deposit, which MCB claimed were “the highest among all local domestic private banks in Pakistan.”