The 19th Annual General Meeting (AGM) of Meezan Bank Limited was held on March 27, at its Head Office - Meezan House, Karachi. Chairman Audit Committee Mohammad Abdul Aleem chaired the AGM, which was attended by Meezan Bank's management team, external auditors and shareholders of Meezan Bank.
Shareholders were informed that during the year, Meezan Bank's performance remained outstanding in all areas of its business activities. A significant achievement during the year had been the successful acquisition of the Pakistan operations of HSBC Bank, one of the leading retail banks in the world.
The Bank earned profit-after-tax of Rs 4.57 billion in 2014 compared to Rs 3.957 billion recorded last year. Earnings per share (EPS) for the year increased to Rs 4.56 (2013: Rs 3.95). Deposits increased by 31 percent to Rs 380 billion in 2014, while it's financing portfolio grew by 38 percent to Rs 176 billion. Furthermore, the non-funded business, which primarily includes imports and exports, crossed Rs 375 billion.
The shareholders acknowledged the impressive performance of the Bank and approved the annual audited accounts for the year ended December 31, 2014. The shareholders also approved the 12.5 percent final cash dividend ie Rs 1.25 per share. This is in addition to the earlier interim cash dividend of 15 percent paid in August which brings the total payout of the Bank for the year to Rs 2.75 per share (ie 27.50 percent). This declaration maintains the Bank's unbroken payout record since its date of listing on the Stock Exchange.-PR
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