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MCB Bank Annual Report 2007

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MCB Bank Annual Report 2007 Leadership is the ability to affect human behaviour for achieving a designated goal. Immense desire and strong willpower make effective leaders. MCB is the leading entity of the country that has always been at the forefront of economical, technological, financial growth and stability. Since our inception till now, MCB has portrayed such persona of a leader on which we are proud. In the past years, our skills, our commitment and our dedication not only helped us succeed, but also gave sustainability to our personality. We are the players in the field of economy and always try to excel and achieve our goals efficiently and effectively. MCB has marked a trail of success in which there are many astounding accolades that makes your trust and our commitment, a winning combination. Our Customers Our Achievements Our Team Our Strength Our Services Our Network Annual Report 2007 03 Our valuable customer-base of over 4 million has always trusted and believed in us. Thanks to our combined vision, we have been able to maintain the previous accounts and also increase the customer-base over the years. We always believe in forging and maintaining the relationships with our customers. Annual Report 2007 05 MCB is the only bank in Pakistan that has achieved 7 Euromoney Awards and 5 Asia Money Awards consecutively, along with several other awards including the Best Trade Finance Bank of Pakistan for two consecutive years. These accolades are the proof of our consistent effort in providing the customers with utmost care and quality. Annual Report 2007 07 Corporate Information Board of Directors Mian Muhammad Mansha Chairman S.M. Muneer Vice Chairman Tariq Rafi Shahzad Saleem Sarmad Amin Mian Raza Mansha Aftab Ahmad Khan Atif Yaseen Dr. Muhammad Yaqub Atif Bajwa President & Chief Executive Audit Committee Dr. Muhammad Yaqub - Chairman Tariq Rafi - Member Mian Raza Mansha - Member Atif Yaseen - Member MCB is a team of committed, motivated and dedicated professionals who always Chief Financial Officer Tahir Hassan Qureshi maintain the quality of the services through outstanding behaviour and skills. Company Secretary Abdus S. Sami We have the strength of above 10,000 Auditors employees backing and believing in us KPMG Taseer Hadi & Co. to move further. Our people are our most Chartered Accountants valuable asset. We are committed to a Riaz Ahmad & Co. Chartered Accountants result-oriented culture and that is the reason we lead together. Legal Advisors Mandviwalla & Zafar Advocates & Legal Consultants Registered Office MCB Building F-6/G-6, Jinnah Avenue, Islamabad. Principal Office MCB 15-Main, Gulberg, Lahore. Registrar's and Share Registration Office M/s. THK Associates (Pvt.) Limited, State Life Building No. 3, Dr. Ziauddin Ahmed Road, Karachi. Annual Report 2007 09 Contents 20 Directors' Report to Members 26 Six Years Progress 28 Statement of Compliance with the Code of Corporate Governance 29 Auditors' Review Report to the Members 30 Auditors' Report to the Members 31 Balance Sheet 32 Profit & Loss Account 33 Cash Flow Statement 35 Statement of Changes in Equity 37 Notes to the Financial Statements 107 Branch Network MCB is one of the leading banks of Pakistan with a deposit-base of about Rs. 290 billion 108 Pattern of Shareholding and total assets of around Rs. 400 billion. 111 Categories of Shareholders MCB has earned the reputation of a solid 112 Notice of Annual General Meeting financial institution over the 60 years of success and development. We always 114 Directors' Report on Consolidated Financial Statements concentrate on growth through improving service quality, investment in technology 115 Auditors' Report to the Members and people, utilizing our extensive branch 116 Consolidated Balance Sheet network and developing a large and 117 Consolidated Profit & Loss Account stable deposit-base. 118 Consolidated Cash Flow Statement 120 Consolidated Statement of Changes in Equity 122 Notes to the Consolidated Financial Statements 192 Form of Proxy Annual Report 2007 11 We make every effort to exceed customers expectations through superior and wide array of financial services and solutions. We thrive on the challenge of understanding their needs and aspirations, both realized and unrealized, so that we can satisfy them with surety and security. Annual Report 2007 13 MCB, having a large network of over 1000 branches, is proudly operating all over the nation. Not just this, along with more than 700 online branches, we are constantly expanding and improving our wide branch network day by day to give our customers more convenience and accessibility, anytime and anywhere. Annual Report 2007 15 (Top row, left to right) Ali Muhammad Mahoon, Shahid Saeed, Munir Ahmed Saleem, Mahreen Ahmed, Nadeem Afzal, Romana Abdullah, Imran Maqbool, Salman Zafar Siddiqi, Agha Saeed Khan. (2nd row, left to right) Tahir Hasan Qureshi, Faisal Farooq Khan, Ali Munir, Atif Bajwa, Salman Ahmed Usmani, Azfar Alam Nomani, Muhtashim Ashai. Annual Report 2007 17 (Standing from left to right) Atif Yaseen, Sarmad Amin, Aftab Ahmad Khan, Tariq Rafi, Atif Bajwa, Shahzad Saleem, Mian Raza Mansha. (Sitting from left to right) S. M. Muneer, Mian Mohammad Mansha, Dr. Muhammad Yaqub. Products and Services One of the largest network of over 700 online branches in the country and growing. Providing customers with 24/7 real time online transaction facilities. Enjoy the convenience of extended banking hours from 9 to 5, even on Saturdays. To satisfy your banking needs at all MCB Full Day Banking branches across the country we now serve you a wide range of services throughout the day. A deposit account for customers with substantial balances, offering profit on a daily product basis with the facility of unlimited withdrawals. MCB Special Rupee Term Deposits MCBs Special Rupee Term Deposits offer a very attractive long-term investment option with ease and convenience. Tenure options available are of 3 months, 6 months, 1 year, 3 years and 5 years. You can also avail a credit facility up to 75% of your total deposit. LOCKERS The best protection for your valuables. Lockers of different capacities are available nationwide. International remittances with a two-way messaging facility delivered at your door-step within 24 to 72 hours. MCB Islamic Banking provides Riba Free and Shariah Compliant solutions to various customer segments in a growing number of cities. With the help of Shariah Specialists, Lawyers and Professional Commercial Bankers, we have the best solutions to cater to your needs - the Islamic way. MCB Smart Savings Account gives you the optimum value you deserve. A savings account where not only you get a competitive return but also enjoy unlimited number of fringe benefits. MCB Enhanced Savings Account is meant for small-savers who are looking for higher returns on their savings. With the benefit of unlimited accessibility, it helps them to make their savings grow. VIRTUAL MCB provides the convenience of banking on the internet. Whether at office, home or travelling log on to www.mcb.com.pk INTERNET BANKING and enjoy 24-hour access to all your accounts at MCB for the largest array of services such as Inter Bank Funds Transfer, Utility Bill Payments, Mobile Top-ups and many more. Theres no easier way to bank than the new enhanced MCB Call Center, which blends innovation and convenience to provide you banking services that go beyond your expectations. We make sure your banking needs are met 24/7 from the comfort of your very home because we at MCB, are just a call away! MCB Personal Loan is simply a clean cash facility extended for personal use. It offers a fixed installment loan that provides you access to cash instantly without any collateral. Financing available is up to 5 years for amount up to Rs. 1 million. A suite of Classic and Gold Credit Cards focusing primarily on providing convenience, safety, shopping pleasure and security giving a different feel to the world of Credit Cards through innovative features. These unique features include i-revolve which makes the variable mark-up rate available to you upon revolving and is the first of its kind in Pakistan. Other ad-ons include comprehensive insurance plans, installment plans, reward points, upfront loyalties and much more. Annual Report 2007 19 Banking at your finger tips. SMS anytime to get information regarding balance and mini statements. One of the nations largest network of over 360 ATMs and still growing. Get 24-hour convenience of cash withdrawal, mini-statement, utility bill payment, funds transfer services and much more. MCB on wheels. Now not only do you get a world class banking service but we make sure of your convenience. Our new classy mobile ATMs ensure that you are given a service closer to you. MNET is an electronic hub for ATM sharing plus other touch points. Members include 11 local and foreign financial institutions enjoying ATM sharing and bureau services. SmartCard A secure instrument of payment providing Cash Free Convenience. It is more than just an ordinary Debit Card, offering customers the peace of mind through unmatched and convenient services including easy bill payments, funds transfer, 24-hour cash withdrawal, balance inquiry and unlimited shopping pleasure. MCB Business Sarmaya is a Running Finance facility against your residential property. It offers Running Finance up to 20 million with low mark-up and BTF facility at competitive rates. Corporate Financing Providing access to diversified financing options, including working capital loans, term loans, trade finance services and investment banking. Instant Financing Get a loan instantly at any MCB branch. Offering same day financing facility against liquid collateral at competitive pricing. Rupee Travelers Cheque A safe and secure way to make payments nationwide. MCB Rupee Travelers Cheque, being the market leader, is the most widely accepted way to pay cash for travel-related purposes. easy billpay MCB Easy Bill Pay is an easy solution to pay your Utility and Mobile Phone bills.
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