Meezan Bank will convert the entire business of HSBC Pakistan into Islamic banking products, said the bank on Wednesday.
Also, the bank declared to have posted 24 per cent growth in its profit-after-tax that increased to Rs 3.6 billion against Rs 2.9 billion earned in the nine months period ended on September 30 this year.
“The Bank successfully completed the acquisition of HSBC Pakistan on October 18,” it said.
The acquisition, it said, had added 10 branches, incremental deposits of Rs 22 billion and a high quality financing portfolio.
“The entire business of HSBC Pakistan would be converted into various Shariah-compliant products offered by Meezan Bank under the overall direction of the Bank’s Shariah Supervisory Board and the Islamic Banking Division of the State Bank,” the bank said.
The bank’s earnings per share increased to Rs 3.57 (September 2013: Rs 2.87).
The Board of Directors of Meezan Bank, in its meeting held here on Tuesday, approved the un-audited financial statements of the bank for the nine months period ended on September 30. The meeting was presided by Sheikh Ebrahim Bin Khalifa Al-Khalifa, Chairman of the Board Vice Chairman of the Board, Abdullateef. Al-Asfour also attended the meeting.
The Bank has declared excellent results and maintained its growth momentum, said a statement issued by the bank Wednesday. Total deposits increased to Rs 330 billion as at September 30, 2014, against Rs 290 billion as at December 31, 2013, a growth of 14 per cent.