Meezan Bank Limited has announced that its profit after tax for the half year ended June 30, 2006, has more than doubled to Rs 317 million as compared to Rs 150 million in the corresponding period of last year. This was announced in the meeting of the Board of Directors of Meezan Bank Limited on August 2, 2006 in Bahrain.
The meeting was presided over by Sheikh Ebrahim Bin Khalifa Al-Khalifa. The board approved the financial statements of the bank for half year ended on June 30, 2006. The bank's balance sheet footing reflects a growth of 46 percent over June 2005 from Rs 24 billion to Rs 35 billion with deposits increasing by 54 percent and financing by 45 percent.
Meezan Bank is continuing its branch expansion policy and presently has 36 branches, which it plans to increase to at least 60 by December 31, 2006.-PR