Karachi, February 22, 2016: The Board of Directors of Meezan Bank, in its meeting held at Karachi on February 22, 2016 approved the financial statements of the Bank for the year ended December 31, 2015. The meeting was presided by Mr. Riyadh S.A.A. Edrees, the newly elected Chairman of the Board.
The Bank achieved significant growth in all business segments during 2015 and earned Profit-after-tax of Rs. 5.023 billion compared to Rs. 4.570 billion recorded last year, a growth of 10%. The Earnings Per Share (EPS) increased to Rs. 5.01 from Rs. 4.56.
The Board recommended distribution of 12.5% final cash dividend for the year 2015. This declaration, together with the earlier cash dividend of 17.5% paid in 2015, brings the total payout for the year to 30% and maintains the Bank’s unbroken payout record since its date of listing on the Stock Exchange.
The Bank’s Deposits increased by 24% to Rs. 472 billion in 2015 while its financing portfolio grew by 18% to Rs. 208 billion. The Bank’s growth in both deposits and financings has far exceeded that of the industry which was 11.5% and 7% respectively. Furthermore, the non-funded business, which primarily includes Imports and Exports crossed Rs. 460 billion.
The Bank added 123 branches during the year, the largest number of branches added in a year in its history. With a network of 551 branches in 143 cities, Meezan Bank now stands as the 7th largest bank in Pakistan in terms of branch network among both conventional and Islamic Banks. The Bank has the distinction of being the fastest growing bank in the industry.
A major milestone achieved during the year was the launch of the First ever Islamic Branchless Banking in Pakistan, Meezan Upaisa, to expand Islamic banking footprint to people who may not otherwise have access to formal banking services. Meezan Upaisa is available at the counters of thousands of agents in Pakistan and enables customers to send or receive money, pay utility bills and top-up their mobile. This initiative was launched in collaboration with Ufone, a leading Mobile Operator in Pakistan and Meezan Bank. Ufone is a wholly owned subsidiary of PTCL, which is part of the Etisalat group UAE.
The JCR-VIS Credit Rating Company Limited, an affiliate of Japan Credit Rating Agency, Japan has reaffirmed the Bank’s long-term entity rating of AA (Double A) and short-term rating at A1+ (A One Plus) with stable outlook. The short-term rating of A1+ is the highest standard in short-term rating. The rating indicates high credit quality and sound performance indicators of the Bank. Meezan Bank is the only Islamic bank in Pakistan with AA and A1+ credit rating.