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Meezan Bank announces Half yearly results of 2008

August 5th, 2008

Meezan Bank, the largest Islamic Bank in Pakistan has announced the half yearly results for 2008 at the Board of Directors’ meeting held on August 1, 2008.

Meezan Bank has achieved growth in all business segments and consolidated its position as the leading Islamic Bank in Pakistan. Deposits increased by 28% from Rs. 45 billion to Rs. 58 billion over the corresponding period last year. Profitability was also up during this period, with post tax profit of Rs. 443 million as compared to Rs. 431 million reflecting an increase of 3%. Earnings per Share (EPS) increased to Rs. 0.98 from Rs. 0.95 in corresponding period last year. This performance has been achieved in the backdrop of difficult political and economic conditions that has negatively impacted all segments of the business environment. Despite the challenging economic environment, Meezan Bank plans to continue with its branch expansion policy and plans to open 31 new branches and 12 sub branches Insha’Allah by December 2008.

It is also heartening to note that income from core banking business increased by 47% clearly demonstrating the strong growth momentum that has been maintained stemming directly as a result of aggressive branch expansion policy. The balance sheet has also shown a healthy growth of 20% over June 30, 2007 from Rs. 60 billion to Rs. 72 billion with financing increased by 33% over corresponding period last year.

The Retail Banking is organized through the network of 114 branches and sub branches spread in the three Regions across Pakistan, namely South, Central and North Region. All branches are ‘on-line’ and are supported by state of the art 24/7 Banking services to all its customers, which includes 100 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 and online branches in all major cities of the country.