Meezan Bank announces robust earnings growth of 41% !

August 4th, 2010

Meezan Bank has announced half-yearly results for 2010 after its Board of Directors meeting held on August 2, 2010 at Karachi.

Meezan Bank earned profit after tax of Rs. 719 million during the half-year ended June 30, 2010 as compared to Rs. 509 million in the corresponding period last year, reflecting a growth of 41%. The Bank has achieved growth in all business segments and consolidated its position as the leading Islamic bank in Pakistan. Deposits increased by 14% to Rs. 114.5 billion during the six months ended June 30, 2010. Paid-up Capital of the Bank increased to Rs. 7.0 billion during the said period.

Earnings per Share (EPS) increased to Rs. 1.03 from Rs. 0.90 in the corresponding period last year. This performance has been achieved in the backdrop of difficult political and economic conditions that have negatively impacted all segments of the business environment.

It is also encouraging to note that income from core banking business increased by 17%, clearly demonstrating that the Bank has maintained a strong growth momentum. The balance sheet has also shown a healthy growth of 10% over December 31, 2009 to Rs. 136.5 billion from Rs. 124.2 billion.