Meezan Bank announces excellent results for 6 months

KARACHI: Meezan Bank announces over Rs 7 billion as profit after tax for the half year; a growth of 70% from the comparative period of the last year.

The earnings per share on enhanced capital were Rs 5.44 per share. The bank remains a well-capitalized institution with capital adequacy ratio of 16.22%, said a press release on Thursday.

Board of Directors of Meezan Bank Limited, in its meeting held here on August 28, 2019 approved the condensed interim unconsolidated financial statements of the bank and its consolidated financial statements for the half year ending June 30, 2019.

The bank continued its growth momentum and posted excellent results for the half year ending June 30, 2019. Total assets of the bank crossed the Rupees one trillion mark for the first time in its history.

The board has approved 10% interim cash dividend (Rs 1.0 per share) for the second quarter of 2019, bringing the total dividend payout for the half year to Rs 2.0 per share (20%) as Re 1.0 per share i.e. 10% cash dividend along with 10% bonus shares were approved in the last board meeting.

The bank has maintained an unbroken payout record since its listing on stock exchange in the year 2000.