Meezan Bank records 54 percent growth in profit after tax

Meezan Bank Limited has recorded 54 percent growth in its profit after tax which increased to Rs 903 million for the quarter ended March 31, 2012 against Rs 585 million earned in the first quarter of 2011. The Meezan Bank Limited's board of directors, in its meeting held in Dubai on April 16 this year, approved the bank's quarterly financial statements for the quarter ended March 31.
The meeting was presided by Sheikh Ebrahim Bin Khalifa Al-Khalifa, the board's chairman. The Vice-Chairman of the Board Abdullateef A. Al-Asfour also attended the meeting. Meezan Bank has achieved growth in all business segments and consolidated its position as the leading Islamic bank in Pakistan. The bank's total assets crossed landmark figure of Rs 205 billion and deposits increased to Rs 175 billion as of March 31, 2012. The growth in deposits is attributed to an aggressive branch expansion strategy adopted since 2008.
The bank's per share earnings was recorded at Re1 (March 2011: Re0.65) on enhanced share capital of Rs 9 billion. The share capital was enhanced to Rs 9 billion because of the issuance of 12.5 percent bonus shares equivalent to Rs 1 billion, approved by shareholders in the annual general meeting held on March 29 this year. Accordingly, the bank has met SBP minimum capital of Rs 9 billion required to be completed by December 2012, a year in advance.
The JCR-VIS Credit Rating Company Limited, an affiliate of Japan Credit Rating Agency, Japan, has rated the bank's short-term rating at A-1+ (A-One Plus), the highest standard in short-term rating. The long-term entity rating has been maintained at AA- (Double A Minus) with a stable outlook. The rating indicates sound performance indicators of the Bank.
Meezan Bank, the first and largest Islamic bank in Pakistan, offers a complete range of Islamic banking products and services through a retail banking network of 277 branches in 83 cities, supported by 24/7 banking services that include over 200 ATMs, Meezan Visa debit cards, internet banking and a 24-hour call centre. The bank has been consistently recognised as the best Islamic bank in Pakistan by various local and international institutions over the past several years including 'Best Islamic Financial Institution in Pakistan' by Global Finance magazine and 'Best Islamic Bank in Pakistan' by Islamic Finance News of Red Money Group, Malaysia.-PR