ISLAMABAD, March 28: The 54th annual meeting of shareholders of Muslim Commercial Bank (MCB) Limited was held here on Thursday.

Presiding over the meeting the MCB chairman Mian Muhammad Mansha informed that the MCB’s after-tax profit increased by 50.8 per cent in 2001 from Rs734.1 million to Rs1180.2 million.

The meeting lauded the performance of the bank as the year 2001 witnessed tough environment on account of a number of international and national issues like international recessionary trends, deteriorating Pak rupee exchange rate parity, low economic and industrial activities and terrorist’s attack in US in September 2001.

Accounts for the year ended 2001 were also approved with appropriation of profit which included 12.5 per cent Final Cash Dividend in addition to 12.5 per cent interim dividend.