Meezan Bank Limited has recorded a growth of 10 percent in it's after tax profit for the nine months period ended September 30. Profit after tax increased to Rs 3,950 million from Rs 3,576 million, a growth of 10 percent. The Earnings Per Share of the Bank for nine months period ended on September 30, 2015 was Rs 3.94 (September 30, 2014: Rs 3.57 per share).
Deposits of the Bank increased to Rs 438 billion as at September 30, from Rs 380 billion as at December 31, 2014, a growth of 15 percent against an overall growth in banking industry deposits of 8 percent during the same period. The Board of Directors of Meezan Bank Limited, in its meeting held in Karachi, approved the financial statements of the Bank for the nine months period ended September 30. The meeting was presided by Sheikh Ebrahim Bin Khalifa Al-Khalifa, Chairman of the Board. Vice Chairman of the Board, Riyadh S A A Edrees also attended the meeting.
Meezan Bank has maintained its growth momentum and profitability and recorded good results for the period. The Bank continued its branch expansion strategy and opened 67 branches during the period, taking its branch network to 495 branches in over 120 cities in Pakistan and maintaining its position as the eighth largest bank in the country both in terms of deposits and branch network. The Bank has been consistently recognized as the best Islamic Bank in Pakistan by various local and international institutions over the past several years.-PR