Meezan Bank, the largest Islamic Bank in Pakistan has announced good half-yearly results for 2009 after its Board of Directors meeting.
Despite difficult market conditions Meezan Bank has declared an increase in net profit after tax of 15% over the corresponding period last year – profit increased from Rs. 443 million to Rs. 509 million. The bank has achieved growth in all business segments and consolidated its position as the leading Islamic Bank in Pakistan. Deposits increased by 16% to Rs. 81.5 billion during the six month ended June 30, 2009. Paid-up Capital of the bank increased to Rs. 6.6 billion during the period after taking into account proceeds from the rights issue of Rs. 1.7 billion as a result of which the Tier 1 Capital Adequacy Ratio of the Bank now stands at a very healthy 13.2%.
Earnings per Share (EPS) increased to Rs0.96 from Rs. 0.87 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 66%, clearly demonstrating the strong growth momentum that has been maintained. The balance sheet has also shown a healthy growth of 17% over December 31, 2008 to Rs. 99.7 billion from Rs. 85.3 billion.