Meezan Bank Limited has recorded 9 per cent growth in its profit-after-tax of first quarter ended 31st March 2013 which increased to Rs 982 million compared to Rs 903 million earned in the corresponding period of 2012. The earnings per share of the Bank increased to Rs 0.98 (March 2012: Rs 0.90) on the enhanced share capital of Rs 10 billion. Deposits of the Bank grew to Rs 235 billion as at March 31, 2013. (December 2012: Rs 230 billion)
The Board of Directors of Meezan Bank approved the financial statements of the Bank for the quarter ended March 31 in its meeting held in Dubai on April 30. H. E. Sheikh Ebrahim Bin Khalifa Al-Khalifa, Chairman of the Board presided the meeting that was also attended by Abdullateef A. Al-Asfour, (Vice Chairman) and other Directors.
The increase in profit has been achieved despite the monetary easing of 400 basis points by the State Bank of Pakistan during the last eighteen months. The Bank's share capital increased to Rs 10 billion with the issuance of 11 per cent bonus shares approved by the shareholders in the Bank's 17th Annual General Meeting held on March 28. Accordingly, Meezan Bank has met SBP minimum capital of Rs 10 billion required to be completed by December 2013, a year in advance.
The JCR-VIS Credit Rating Company Limited, an affiliate of Japan Credit Rating Agency, Japan has maintained the Bank's long-term entity rating atAA- (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.-PR
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