KARACHI, Aug 22: The MCB Bank on Friday announced 30 per cent cash dividend at the end of first half of 2008 and said it earned an after-tax-profit of Rs7.68 billion.

The board of directors of the bank under the chairmanship of Mian Mohammad Mansha met on August 22 and reviewed the performance of the bank during the first half of 2008. The financial results for the period ended June 30, 2008 were approved by the board.

“Despite the overall slowdown and stress on the economy the bank has performed well both in terms of balance sheet and revenue growth,” said a release issued by the bank.

During the first half of the calendar year 2008, profit-after-tax has marginally increased by Rs14 million and closed at Rs7.68 billion as against the profit of Rs7.66 billion for same period last year.

This translates into EPS (earning per share) of Rs12.22 as compared to Rs12.20 reported for the similar period last year.

Provision against non-performing loans showed a slightly increasing trend whereas there has also been increase in provision against investment due to fall in stock market index. An amount of Rs1,242 million and Rs210 million against non-performing loans and investment has been charged to profit & loss account.

During the period the bank’s deposits showed a robust growth of 20 per cent from Dec 31, 2007 and closed at Rs351 billion.

Gross loans and advances grew by 4.8 per cent from Rs230 billion as on Dec 31, 2007 and closed at Rs240 billion.

The board of directors announced cash dividend of Rs3 per share or 30 per cent for the half year ended June 30, 2008.