Meezan Bank profit ups 13pc with Rs300b deposits


Meezan Bank Limited has recorded 13 percent growth in its profit-after-tax which increased to Rs 1.106 billion compared to Rs 0. 982 billion earned in the corresponding quarter last year. The earning per share of the Bank for the first quarter of 2014 was Rs 1.10 (March 2013: Re 0.98).

The Board of Directors’ of Meezan Bank Limited in its meeting held at Karachi on April 23 approved the financial statements of the Bank for the quarter ended on March 31. The meeting was presided over by H E Sheikh Ebrahim Bin Khalifa Al-Khalifa, Chairman of the Board. Vice Chairman of the Board Abdullateef A Al-Asfour also attended the meeting.

Meezan Bank has maintained its growth momentum – crossing the deposit milestone of Rs 300 billion and closing at Rs 307 billion on March 31 as against Rs 290 billion on December 31 a growth of 6pc in just three months.

Meezan Bank is Pakistan’s 8th largest bank in terms of branch network, with 351 branches in 103 cities of the country. The Bank has been consistently recognised as the best Islamic Bank in Pakistan by various local and international institutions over the past several years.

The JCR-VIS Credit Rating Company Limited, an affiliate of Japan Credit Rating Agency, Japan, has upgraded during 2013 the Bank’s long-term entity rating to AA (Double A) from AA- (Double A minus) and short term rating at A1+ (A One Plus) with stable outlook. The short-term rating of A1+ is the highest standard in short term rating. The rating indicates sound performance indicators of the Bank.