The Board of Directors of MCB Bank Limited under the chairmanship of Mian Mohammad Mansha met on August 8th, 2009 and reviewed the performance of the Bank during the first half of 2009. The financial results for the period ended June 30th, 2009 were presented before the Board of Directors of MCB Bank Limited which were approved. 

Despite the overall slow down in the economy the Bank continues to perform well both in terms of balance sheet and revenue growth. During the first half of the calendar year 2009, the Bank's profit before tax closed at Rs.11.7Bn registering a significant growth of 10% over the reported profit before tax of corresponding period last year. Profit after tax closed at Rs. 7.76 Bn translating into an EPS of Rs. 11.22. 

During the period under review the bank's deposits showed a growth of 10% from Dec 31, 2008 and closed at Rs. 362 billion. Gross loans and advances marginally decreased by Rs. 315 million from Rs. 273.2 billion as at Dec 31, 2008 and closed at Rs. 272.9 billion. Equity (before surplus) increased by 9% over the Year End 08. 

The Board of Directors announced a cash dividend in respect of the half year ended June 30, 2009 of Rs. 2.5 per share (June 30, 2008 : Rs. 3 per share).

The Shareholders whose names appear in the Register of Members at the close of business on September 05, 2009 will be entitled to above entitlement.

The Share transfer book of the Bank will remain closed from September 07, 2009 to September 14, 2009 (both days inclusive) subject to the approval of the Stock Exchange. Transfer received at the office of Share Registrar M/s THK Associates (Pvt.) Ltd, Ground Floor, State Life Building-3, Dr. Ziauddin Ahmed Road, Karachi at the close of business on September 05, 2009 will be treated in time for the purpose of above entitlement to the transferees.

The Board of Directors have also approved the bid for acquisition of 99.37% stake in RBS Pakistan from its major shareholder / sponsors (RBSG plc and ABN AMRO N.V) subject to approvals required from all the regulatory authorities. The Board, subject to acceptance of the bid and the required regulatory approvals, has decided to go for a tender offer for the remaining share under Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2008.

The Consolidated and Unconsolidated Financial Results for second quarter and first half 2009 duly approved by the Board of Directors of MCB are attached to this notice.

http://www.rns-pdf.londonstockexchange.com/rns/1415X_-2009-8-10.pdf

http://www.rns-pdf.londonstockexchange.com/rns/1415X_1-2009-8-10.pdf