Meezan Bank announces Rs10.94bn profit for 9 months

• The bank has maintained unbroken payout record since the bank's listing on Pakistan Stock Exchange in the year 2000.
• The board also approved 10% interim cash dividend at Rs1 per share for the third quarter of 2019 bringing the total dividend payout for the nine months to Rs 3 per share.
• The bank's deposits grew by 9.1% per annum since Dec. 31 and reached Rs 839 billion on September 30, 2019.

KARACHI: Meezan Bank Limited posted after-tax profit of Rs10.94 billion for nine months period ending September 30, 2019.

This was declared in a meeting of Board of Directors of the bank, which approved the condensed interim unconsolidated financial statements and consolidated financial statements of the bank for the nine months period.

The meeting was presided by Chairman of the board, Riyadh S.A. A. Edrees, said a press release on Friday.

The board also approved 10% interim cash dividend at Rs1 per share for the third quarter of 2019 bringing the total dividend payout for the nine months to Rs 3 per share (30%) as Rs2.0 per share i.e. 20% cash dividend along with 10 percent bonus shares were already approved during the first half of 2019.

The bank has maintained unbroken payout record since the bank's listing on Pakistan Stock Exchange in the year 2000.

Meezan Bank has the seventh largest branch banking network in Pakistan with 689 branches in more than 190 cities and the bank is further planning to expand its network to facilitate access to Islamic banking to more and more people in the country.

The bank's deposits grew by 9.1% per annum since Dec. 31 and reached Rs 839 billion on September 30, 2019, which makes Meezan Bank seventh largest bank in terms of deposit as well.