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Meezan Bank announces financial results for year 2008

February 20th, 2009

Meezan Bank has announced 35% right shares at par in its Board of Directors’ meeting held on February 20, 2009 to approve the annual audited accounts of the Bank for the year ended December 31, 2008.

Meezan Bank recorded a Profit after Tax of Rs. 621 million and Earnings per Share (EPS) of Rs. 1.26 per share for 2008. In the backdrop of an unprecedented international financial crisis, it is heartening to note the satisfactory financial performance of Meezan Bank Limited.  Despite the difficult economic conditions that have prevailed in Pakistan, the Bank has shown growth in almost all its business segments. The bank has performed well during the period with significant growth in all areas of its business activities especially deposits, that grew by 29% over the corresponding period last year. Income from core banking business has also increased by 60%, maintaining the healthy trend of decreasing dependency on volatile non-banking income. 2008 saw an aggressive branch expansion plan and an effective direct sales strategy. The Bank’s Retail Banking network is organized through 166 ‘online’ branches spread across 40 cities of Pakistan supported by 24/7 Banking services to its customers, which include 120 ATMs, Internet Banking and Call Center. Meezan Bank was incorporated in 1997 and has been one of the fastest growing financial institutions in Pakistan.  It has the privilege of having been awarded the first full fledged Islamic Banking license by the State Bank of Pakistan.  Total number of employees also increased from 159 in 2002 to over 3000 in 2008.