Meezan Bank Announces Financial Results for the Quarter Ended March 31, 2024

April 23rd, 2024

The Board of Directors of Meezan Bank, in their meeting held on April 18th, 2024 approved the financial statements of the Bank for the quarter ended March 31, 2024. The meeting was chaired by Mr. Riyadh S.A.A. Edrees – Chairman of the Board, Mr. Faisal A. A. A. Al – Nassar – Vice Chairman of the Board was also present.

The Bank posted a Profit After Tax (PAT) of Rs 25.4 billion with Return on Average Equity (ROAE) over 50% – demonstrating its continued commitment to maximizing shareholder value. The Basic Earnings per Share increased to Rs 14.18 per share from Rs 8.62 per share in March 2023. The Board approved 70% (Rs. 7 per share) interim cash dividend for the first quarter of 2024. The Bank remains a well-capitalized institution with a Capital Adequacy Ratio of 24.08% – significantly exceeding the minimum requirement of 11.50%. The Bank’s market leadership is also underscored by its market capitalization of $1.4 billion, affirming its status as the Most Valuable Bank in Pakistan.

Meezan Bank is one of the largest banks in Pakistan in terms of deposits, which closed at Rs. 2.3 trillion by Q1 2024. The Bank maintained its leadership position in Roshan Digital Account (RDA) with a substantial market share of 26% in terms of the total RDA inflows in the banking industry of Pakistan, reinforcing the Bank’s position as the preferred banking partner for Overseas Pakistanis. As a pioneer in Islamic banking, Meezan maintains approximately one-third of total deposits in the Islamic Banking Industry in Pakistan.

Meezan Bank has a robust physical presence spanning over 1,000 branches across 334 cities, supported by an extensive network of more than 1,100 ATMs nationwide. Furthermore, Meezan Bank’s Mobile Banking App has been consistently ranked as the top-rated app in the banking sector of Pakistan on both the Google Play Store and Apple App Store.