Meezan Bank: Excellent all-round growth

July 29th, 2015

Karachi, July 29, 2015: The Board of Directors of Meezan Bank Limited, in its meeting held at Dubai, UAE on July 27 2015, approved the financial statements of the Bank for the half year ended June 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.

Meezan Bank has maintained its growth momentum and profitability record and declared excellent results for the half year. Profit after tax increased by 19% to Rs 2,677 million. Earnings per share of the Bank was Rs. 2.67 (June 2014: Rs. 2.25).Deposits of the Bank increased by 14% from Rs. 380 billion in December 2014to Rs. 435 billion in June 2015.

As a result of the strong profitability, the Board of Directors approved an interim cash dividend of Rs 1.75 per share (i.e 17.5%), maintaining the Bank’s unbroken payout record since its listing on the Stock Exchange in the year 2000.

In June 2015, Meezan Bank entered into an agreement with HSBC Bank Oman S.A.O.G (HBON) to acquire HBON’s banking business comprising of a single branch in Pakistan through a process of amalgamation. The amalgamation is expected to be completed during 2nd half of 2015, subject to regulatory and other relevant approvals including the approval of shareholders of the Bank.