April 25th, 2022
The Board of Directors of Meezan Bank Limited in its meeting, held at Karachi on April 25, 2022 approved the financial statements of the Bank for the quarter ended March 31, 2022. The meeting was presided 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 recorded excellent results for the quarter ended March 31, 2022, with profit after tax of Rs 9.2 billion – 51% up from corresponding period last year. EPS of the Bank increased to Rs 5.66 per share from Rs 3.75 per share in March 2021. The Board approved 17.5% (Rs 1.75 per share) interim cash dividend for the first quarter of 2022.
Meezan Bank is one of the largest banks in Pakistan in terms of deposits, which closed at Rs 1.45 trillion. Current account contributed to 46% of its total deposits, amounting to Rs 672 billion while the current and savings account (CASA) deposits represent 82% of total deposits, amounting to Rs 1.2 trillion. The Bank maintained its leadership position in Roshan Digital Account (RDA) with a market share of 24% in terms of the total RDA deposits of banking industry of Pakistan. Meezan Bank has a network of more than 900 branches in 293 cities and a network of 986 ATMs (2021: 906 ATMs) across the country. The Bank’s Mobile Banking App has been consistently ranked as No.1 Mobile Banking App in Pakistan by both Apple Store and Google Play Store.
With a diversified product portfolio, the Bank is well-positioned to cater to all financing needs of its customers within the bounds of Shariah. The Bank has a well-diversified assets portfolio comprising Corporate and SME customers and is among the market leaders in the consumer financing sector. Meezan Bank has been recognized as the Best Bank in Pakistan for 2018 & 2020 at the Pakistan Banking Awards – the most prestigious recognition in Pakistan’s banking sector. The Bank has also been recognized as the Best Islamic Bank globally as well as the Most Innovative Islamic Bank by Islamic Finance News of Redmoney Group, Malaysia. All these prestigious awards highlight the Bank’s position of excellence in the Banking industry.