February 16th, 2024
The Board of Directors of Meezan Bank, in its meeting held on February 15th, 2024 approved the financial statements of the Bank and its consolidated financial statements for the year ended December 31, 2023. 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’s profit after tax for the year 2023 stood at Rs 84.5 billion. The Board approved Rs 8 (80%) per share as final cash dividend for the year 2023. This brings the total cash dividend payout for the year 2023 to Rs 20 (200%) per share as Rs 12 per share i.e. 120% interim cash dividend was already paid for the nine-month period. The Bank remains adequately capitalized with a healthy Capital Adequacy Ratio of 22.39%, significantly exceeding the minimum requirement of 11.50%.
Deposits of the Bank increased by 34% to Rs. 2.2 trillion. The Bank’s branch network increased to 1004 branches in 334 cities along with more than 1,000 ATMs. The Bank is continuously increasing its branch network to make Islamic banking accessible to each and every citizen of Pakistan. The Bank also maintains leadership in digital transactions with over 275 million financial transactions processed through its mobile app. Meezan Bank’s Mobile Banking App maintains its position as the highest-rated app in the banking industry on both Google Play Store and Apple App Store. During 2023, the remittances under Roshan Digital Accounts (RDA) exceeded $1.8 billion, representing a substantial market share of 26%, positioning Meezan Bank as the preferred banking partner for overseas Pakistanis.
Total assets surpassed Rs 3 trillion and the Bank’s investment portfolio registered 23% growth. Advances to Deposits Ratio of the Bank stood at 45%.
Meezan Bank has been recognized as the Best Bank in Pakistan for the third time at the Pakistan Banking Awards – the most prestigious recognition in Pakistan’s banking sector. The Bank was also recognized for the fourth consecutive year by the CFA Society of Pakistan as the Best Bank of the Year in the Large Sized Banks category.
Meezan remained the most valuable bank in Pakistan in terms of market capitalization amongst all the listed banks. The Bank has entity ratings at ‘AAA/A-1+’ (Triple A/ A-One Plus) which denotes the highest credit quality with negligible risk factors with a Stable outlook assigned by VIS Credit Rating Company Limited.