Meezan Bank assets crosses Rs. 205 billion landmark and records profit after tax of Rs. 903 with EPS of Re 1 for the first quarter ended March 31, 2012million

April 17th, 2012

The Board of Directors’ of Meezan Bank Limited in its meeting held in Dubai on April 16, 2012 approved the quarterly financial statements of the Bank for the quarter ended March 31, 2012. The meeting was presided by H. E. Sheikh Ebrahim Bin Khalifa Al-Khalifa, Chairman of the Board. The Vice Chairman of the Board Mr. Abdullateef A. Al-Asfour also attended the meeting.

Meezan Bank has achieved growth in all business segments and consolidated its position as the leading Islamic Bank in Pakistan. The Bank’s total assets crossed landmark figure of Rs. 205 billion and the Deposits increased to Rs. 175 billion as at March 31, 2012. The growth in deposits is directly attributable to an aggressive branch expansion strategy adopted since 2008.

The Bank recorded 54% growth in its Profit-after-tax which increased to Rs. 903 million for the quarter ended March 31, 2012 as compared to Rs. 585 million earned in first quarter of 2011. The earnings per share of the Bank was recorded at Re 1.00 (March 2011: Re 0.65) on enhanced share capital of Rs. 9 billion. The share capital was enhanced to Rs. 9 billion due to issuance of 12.5% bonus shares equivalent to Rs. 1 billion, approved by the shareholders in the Annual General Meeting held on March 29, 2012. Accordingly, the Bank has met SBP minimum capital of Rs. 9 billion required to be completed by December 2012, a year in advance.

The JCR-VIS Credit Rating Company Limited, an affiliate of Japan Credit Rating Agency, Japan has rated Bank’s short term rating at A-1+ (A-One Plus), the highest standard in short term rating.  The long-term entity rating has been maintained at AA- (Double A Minus) with stable outlook. The rating indicates sound performance indicators of the Bank.