The Board of Directors of Meezan Bank Limited, in its meeting held at Karachi, Pakistan on October 20, 2015, approved the financial statements of the Bank for the nine months period ended September 30, 2015. The meeting was presided by H. E. Sheikh Ebrahim Bin Khalifa Al-Khalifa, Chairman of the Board. Vice Chairman of the Board, Mr. Riyadh S. A. A. Edrees also attended the meeting.
By the Grace of Allah (SWT), Meezan Bank has maintained its growth momentum and profitability and recorded good results for the period. Profit after tax increased to Rs 3,950 million from Rs 3,576 million, a growth of 10%. The Earnings Per Share of the Bank for nine months period ended on September 30, 2015 was Rs. 3.94 (September 30, 2014: Rs. 3.57 per share). Deposits of the Bank increased to Rs. 438 billion as at September 30, 2015 from Rs. 380 billion as at December 31, 2014, a growth of 15% against an overall growth in banking industry deposits of 8% during the same period.
The Bank continued its branch expansion strategy and opened 67 branches during the period, taking tis branch network to 495 branches in over 120 cities in Pakistan and maintaining its position as the 8th largest bank in the country both in terms of deposits and branch network. The Bank has been consistently recognized as the best Islamic Bank in Pakistan by various local and international institutions over the past several years.
The JCR-VIS Credit Rating Company Limited, an affiliate of Japan Credit Rating Agency, Japan, has reaffirmed the Bank’s long-term entity rating at AA (Double A) 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.