KARACHI - MCB Bank has posted Rs 15.4 billion profit after tax during calendar year 2008 (CY08) as against Rs15.3 billion PAT of 2007. This earning translated into an EPS of Rs. 24.47 as compared to Rs. 24.30 of 2007. However, the Bank registered Rs 21.9b profit before tax during the reporting period, depicting an increase of Rs 560m over 2007. According to the financial results for the year ended Dec 31, 2008, the Bank's balance sheet witnessed considerable improvement in CY08 as compared to previous year. MCB deposits showed a healthy growth of 13pc and closed at Rs 330b whereas its gross advances portfolio increased by 19 percent and closed at Rs 273 billion in 2008. This along with improved profitability has resulted in an increase in shareholder's equity before surplus of Rs 52b - up by 15pc over 2007. Capital Adequacy of the Bank is in excess of 15pc. MCB Bank Board of Directors announced a final cash dividend of Rs 25 and bonus shares of Rs10 in accordance with a meeting held on February 16, 2009 between MCB board of directors and chairman MCB Mian Mohammad Mansha for reviewing the financial performance of the bank during CY08. During the meeting the Board also endorsed the management's assessment of internal controls required under the guidelines on internal controls issued by State Bank of Pakistan. Therefore, MCB is the first bank in Pakistan to fully implement COSO Framework for assessment of internal controls as required by SBP and to obtain the required opinion from external auditors of the Bank on the efficacy of internal controls over financial reporting. It is worth while mentioning here that Mansha had already held meeting with the Bank's strategic partner May Bank Kuala Lumpur -Malaysia at its head office in this regard.