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Meezan Bank continues growing in third quarter 2013

October 30th, 2013

The Board of Directors of Meezan Bank in its meeting held in Karachi on October 30, 2013 approved the financial statements of the Bank for the nine months ended September 30, 2013. 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.

The Bank achieved growth in all business segments and consolidated its position as the leading Islamic bank in Pakistan. Total assets of the Bank crossed the Rs. 300 billion mark to close at Rs. 314 billion while deposits grew by 16%, closing at Rs. 268 billion.

The Bank recorded 8% growth in its Profit-after-tax which increased to Rs. 2,877 million, as compared to Rs. 2,663 million earned in the corresponding period last year. During the same period, Earnings per share (EPS) increased to Rs. 2.87 from Rs 2.66, on enhanced share capital of Rs. 10 billion.

With 333 branches across 96 cities of the country, the Bank has progressively grown to become the 8th largest bank in Pakistan in terms of the branch network.  The Bank provides a comprehensive range of Islamic banking products and services through its branch network, supported by a countrywide network of over 250 ATMs, Visa debit cards, a 24/7 Call Center and internet banking facility.

The JCR-VIS Credit Rating Company Limited, an affiliate of Japan Credit Rating Agency, Japan, has upgraded the Bank’s long-term entity rating to AA (Double A) from AA- (Double A minus) 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 sound performance indicators of the Bank. Meezan Bank is the only Bank with AA credit rating in the Islamic banking industry of Pakistan.

Meezan Bank has also been consistently recognized as the best Islamic bank in Pakistan by numerous local and international institutions including Asiamoney magazine – Hong Kong, Islamic Finance News – Malaysia, Global Finance magazine, New York and Asset AAA – Hong Kong, which is a testimony of the Bank’s commitment to excellence.