The Board of Directors of Meezan Bank Limited in its meeting, held at Karachi on February 21, 2022 approved the audited financial statements of the Bank for the year ended December 31, 2021. 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 year ended December 31, 2021 with Profit after tax of Rs 28.4 billion as compared to Rs 22.2 billion in the corresponding period last year – reflecting an impressive growth of 28%. EPS of the Bank increased to Rs 17.43 per share against Rs 13.62 per share in December 2020 on the enhanced capital of Rs 16.2 billion. The Board approved 15% (Rs. 1.50 per share) final cash dividend for the year, bringing the total payout for the year to 60% (Rs. 6.00 per share) as 45% (Rs. 4.50 per share) interim cash dividend was paid in addition to 15% bonus shares issued during the year.
The Bank is a well-capitalized institution with Capital Adequacy Ratio of 17.81% – well above minimum regulatory requirement of 11.50%. During the year 2021, the VIS Credit Rating Company Limited (VIS) upgraded the Bank’s Credit Rating to the highest possible level of AAA.
Meezan Bank is one of the largest banks in Pakistan in terms of deposits, which closed at Rs. 1.45 trillion – up by 16% from December 2020. The Bank continued to maintain its leadership in the Roshan Digital Account (RDA) initiative with a market share of 23% in terms of total RDA deposits of Pakistan’s Banking Industry. The Bank also supported other SBP-led initiatives for increasing financial inclusion, resulting in increase in the Bank’s total exposure under various SBP refinance schemes by more than 35%.
The Bank expanded its geographical outreach by adding 87 new branches during the year, bringing its network to 902 branches in 290 cities. The Bank also has a large network of 964 ATMs (2020: 880 ATMs) across the country and its Mobile Banking App has been consistently ranked as the No.1 Mobile Banking App in Pakistan by both Apple Store and Google Play Store.