KARACHI, Feb 16: The Board of Directors of Muslim Commercial Bank (MCB) on Monday recommended payment of a final dividend of 10 per cent in the form of bonus shares to its share holders.

This is the 3rd dividend declared by the MCB for 2003. The Board, which met in Lahore under the chairmanship of Mian Mohammed Mansha, approved accounts for the year ended December 2003, which showed net profit before tax at Rs3612.92 million as compared to Rs3101.02 million during 2002.

After making provision for taxation (Rs1382.78m) and transfer from surplus on revaluation of fixed assets (Rs25.01m) the profit available for appropriation was Rs2877.14 million as compared to Rs2278.20 million a year ago-a rise of 26 per cent.

EPS pre-tax and after-tax was Rs11.79 and Rs8.28 respectively as compared to Rs10.12 and Rs5.67 during 2002. In 2003, the MCB had declared an interim cash dividends of 15 per cent in April 2003 and 12.5 per cent in October 2004 with total dividend payment for the year 2003 being at 37.5 per cent.

According to an MCB press release issued here, its shares transfer books of the MCB would remain closed from March 10 to 24, 2004. Shares registered for transfer by March 9, 2004 shall be entitled for bonus shares. The board of directors expressed their appreciation of the bank's operations. -APP