Meezan Bank has recorded 61 percent growth in its post-tax profit for the quarter ended March 31, 2011. The Profit after tax for the quarter increased to Rs 586 million as compared to Rs 364 million in the corresponding quarter last year. The Board of Directors of Meezan Bank Limited in its meeting held on April 30, 2011 approved the financial statements of the Bank for the quarter ended March 31, 2011. Earnings per Share (EPS) for the period increased to Rs 0.73 as compared to Rs 0.45 in corresponding period last year. Total deposits increased by Rs 4.0 billion over December 31, 2010 despite the fact that deposit growth is normally low in the first quarter. The income from core banking business increased by 37 percent to Rs 2.6 billion from Rs 1.9 billion recorded in March 2010, mainly because of concerted efforts by the Bank to increase its earning assets and an aggressive branch expansion strategy adopted since the last five years.
Investments of the Bank increased by 27 percent from Rs 55 billion in December 2010 to Rs 70 billion in March 2011 mainly due to investments in Ijara Sukuk issued by the Government of Pakistan in the period under review. The 15 percent bonus approved by the shareholders in the Annual General Meeting held in March 2011 was issued and accordingly enhanced the paid-up capital of the Bank, which now stands at Rs 8.0 billion. Accordingly, the Bank has met the SBP minimum capital requirement of Rs 8.0 billion required to be completed by December 2011, a year in advance.
