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Meezan Bank announces financial results of 2007 along with 20 percent Bonus Shares

February 25th, 2008

Meezan Bank has announced 20% bonus shares for its shareholders at the Board of Directors’ meeting held on February 22, 2007 to approve the annual audited accounts of the Bank for the year ended December 31, 2007.

Meezan Bank recorded 59% growth in its Post-tax profit for the year ended December 31, 2007. The Profit After Tax for 2007 increased to Rs. 963 million compared to Rs. 604 million in the previous year. Earnings per Share (EPS) for the year increased to Rs. 2.55 as compared to Rs. 1.88 in corresponding period last year.

The performance of the Bank during the period has been very good, with significant growth in all areas of its business activities especially deposits, that grew by 58% over the corresponding period last year. Income from core banking business has also increased by 56%, maintaining the healthy trend of decreasing dependency to volatile non-banking income.

The aggressive branch expansion plan, initiated last year, and an effective direct sales strategy has been mainly responsible for this growth. The Retail Banking is organized through the network of 100 branches spread in the three Regions across Pakistan, namely South, Central and North Region, he added. All branches are ‘on-line’ and are supported by state of the art 24/7 Banking services to all its customers, which includes 79 ATMs, Internet Banking and a Call Center that operates 24 hours a day seven days a week.  The Bank also offers a comprehensive Debit Card that is accepted at over 3,000 outlets across Pakistan. Meezan Bank also has a dedicated Customer Care Unit for all its valued customers.

Meezan Bank’s mission is to provide its customers dedicated and pure Islamic Banking facilities with the greatest of convenience and personalized service with real time online branches in all major cities of the country.