Meezan Bank sanctions bonus shares

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KARACHI – The 15th Annual General Meeting (AGM) of Meezan Bank Limited approved 15 percent bonus shares for 2010, continuing the bank’s unbroken payout record since the bank’s date of listing on the Karachi Stock Exchange (KSE). This will increase the Bank’s paid up capital to Rs 8.0 billion which will meet State Bank of Pakistan’s minimum capital requirement for 2011.
President and CEO Irfan Siddiqui chaired the meeting that was attended by Chief Operating Officer Ariful Islam, Shabbir Chief Financial Officer Hamza Khandwala, Company Secretary Tasnimul Haq Farooqui, and other shareholders of Meezan Bank Limited. S Siddiqui informed shareholders that Meezan Bank recorded 61 percent growth in its post-tax profit for 2010. The Profit after Tax for 2010 increased to Rs 1,650 million compared to Rs 1,025 million in the previous year.