20000302

MCB registered

56 pc growth

in 1998: Mansha

RECORDER REPORT

KARACHI: The Rupee Traveller Cheques (RTC) business of the Muslim Commercial Bank (MCB) has touched Rs 100 billion mark and registered a growth of 56 percent over the year 1998.

MCB RTC business today was more than the total of all other banks in Pakistan. This was stated by Mian Mohammad Mansha, chairman and chief executive of the MCB.

He was addressing the annual conference of the senior officers of the MCB on Tuesday at Bhurban, a press release of the bank said on Wednesday.

He asked the officers to earnestly work for the expansion of credit activities to bring in improvement in the country's economy. He assured them that they need not to fear about their credit decision making, from accountability aspect.

He said Chief Executive General Pervez Musharraf in his address to the bankers, earlier this month, had warned to take action against only dishonest and corrupt bankers.

The MCB chief, reviewing the 1999, performance of the bank, expressed satisfaction and said it had registered a growth in profit over the preceding year, in quantum of deposits and remittances issued.

He added that the MCB was ahead of all other banks in the use of information technology.

It had the largest number of 88 ATM machines, located in 10 dealing cities of the country. The number of card holders went up to nearly 100,000 with over 1.5 million transactions. Two foreign banks had recently signed an agreement for availability of MCB ATMs for use by their clients.

He said the MCB once again received the highest number of 29,000 Haj applications, which reflected the applicants' confidence in this organisation.

The MCB branches abroad, in Bangladesh and Sri Lanka, had once again been profitable and had earned the valuable foreign exchange for the country.

Mansha expressed hope that during the year 2000, three new products would be launched to achieve a higher growth rate in deposits. More emphasis on disbursement of agricultural credit would be laid and use of relationship platforms for big customers seeking loan of Rs 100 million and above, which are already in place, would be used most effectively.