The Board of Directors’ of Meezan Bank Limited in its meeting held at Karachi on February 19, 2013 approved the financial statements of the Bank for the year ended December 31, 2012. The meeting was presided by H. E. Sheikh Ebrahim Bin Khalifa Al-Khalifa, Chairman of the Board. Vice Chairman of the Board Mr Abdullateef A. Al-Asfour also attended the meeting.
The Bank has achieved significant growth in all business segments during 2012. Despite the monetary easing by SBP, the Bank earned Profit-after-tax of Rs. 3.5 billion in 2012 compared to Rs. 3.4 billion recorded last year. The Earnings Per Share (EPS) increased to Rs. 3.88 from Rs. 3.75 for 2011.
The Board recommended issue of 11% Bonus Shares for the year 2012. This declaration together with the earlier cash dividend of 15% paid in August 2012 brings the total payout for the year to 26% (2011: 22.5%) and maintains the Bank’s unbroken payout record since its date of listing on the Stock Exchange. The Bonus issue will increase the Bank’s paid up capital to Rs. 10 billion and the Bank will meet SBP’s minimum capital requirement for 2013 of Rs. 10 billion a year in advance.
The Bank’s Deposits increased by 36% to Rs. 230 billion in 2012 while its financing portfolio grew by 26% to Rs. 89 billion. The Bank’s growth in both Deposits and financings has far exceeded that of the industry which was 13.8% and 10.4% respectively. Furthermore, the non funded business which primarily includes import and export crossed Rs 200 billion.
The Bank opened 35 branches in 2012, bringing its branch network to 310 branches in 90 cities across Pakistan and is now the country’s 8th largest bank in terms of branch network.
The JCR-VIS Credit Rating Company Limited, an affiliate of Japan Credit Rating Agency, Japan has maintained the Bank’s long-term entity rating at 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 has also been consistently recognized as the best Islamic Bank in Pakistan by various local and international institutions over the past several years.