Karachi, April 27, 2016: The Board of Directors of Meezan Bank in its meeting, held at Karachi on April 26, 2016 approved the unconsolidated financial statements of the Bank and consolidated financial statements for the quarter ended March 31, 2016.
Profit after tax increased to Rs. 1,337 million from Rs. 1,313 million earned in corresponding quarter last year despite the lower discount rate in the current quarter. The Earnings Per Share (EPS) increased to Rs. 1.33 from Rs. 1.31. The Bank’s other income registered an increase of 15% with fee, commission and brokerage income contributing 47% of total other income.
The Bank’s deposits increased by 20% to Rs. 469 billion while its financing portfolio grew by 37% compared to corresponding period last year to Rs. 201 billion. Quality of assets is very good withan NPL ratio of 3% and a comfortable NPL coverage ratio of 117% (December 31, 2015: 116%). This is the second best in the banking industry – both conventional and Islamic. Import & export business volume handled by the also Bank grew by 34% to Rs 121 billion as against Rs 90 billion in the corresponding period of last year and reflects the strong focus of the Bank to facilitate Pakistan’strade business.
About Meezan Bank
Meezan Bank is the leading Islamic bank of the country. The Bank provides a comprehensive range of Islamic banking products and services through a retail banking network of more than 550 branches supported by a countrywide network of over 500 ATMs, Visa & MasterCard Debit cards, a 24/7 Call Center, Internet Banking and Mobile Banking facility.
Meezan Bank has consistently been recognized as the Best Islamic Bank in Pakistan by numerous local and international institutions, which is a testimony of the Bank’s commitment to excellence. These institutions include Islamic Finance News – Malaysia, Global Finance magazine – New York, Asset AAA – Hong Kong, Asiamoney – Hong Kong, The Banker – United Kingdom and CFA Association – Pakistan.M
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 rating indicates sound performance indicators of the Bank. Meezan Bank is the only Islamic bank with AA credit rating in the Islamic banking industry in Pakistan.