Karachi: The 16th Annual General Meeting (AGM) of Meezan Bank Limited was held on March 29, 2012 at its Head Office – Meezan House, Karachi.
Mr. Irfan Siddiqui (President and CEO) chaired the meeting that was attended by Mr. Azfar Qarni representing Islamic Development Bank, Jeddah, a representative of Pakistan Kuwait Investment Company (Pvt.) Ltd, Mr. Ariful Islam (Chief Operating Officer& Executive Director), Mr.Shabbir Hamza Khandwala (Chief Financial Officer), Mr. Tasnimul Haq Farooqui (Company Secretary), Syed Najmul Hussain (Partner, External Auditors – KPMG Taseer Hadi& Co.) and Shareholders of Meezan Bank.
Mr. Irfan Siddiqui informed the shareholders that Meezan Bank’s performance remained outstanding in all areas of its business activities. The Bank recorded 106% growth in its Profit-after-tax for 2011 which increased to Rs. 3.4 billion (2011: Rs. 1.65 billion), earnings per share (EPS) for the year increased to Rs. 4.22 (2011: Rs. 2.05) and deposits grew by 30% to Rs. 170 billion as at December 2011 (2010: Rs 131 billion). The Bank opened 53 new branches in 2011 making it the 9th largest bank branch network in Pakistan with 275 branches spread across 83 cities of Pakistan.
The shareholders approved the annual audited accounts of the Bank and consolidated audited accounts of the Group for the year ended December 31, 2011 and acknowledged the good performance of the Bank. The shareholders also approved 12.5% bonus shares for the year 2011 continuing the Bank’s unbroken payout record since the Bank’s date of listing on Karachi Stock Exchange. The shareholders also approved the 10% interim dividend that is (Rs. 1 per share) which was paid by the Bank in August 2011, bringing the total payout to 22.5% for the year 2011.The Bonus shares will increase the Bank’s paid up capital to Rs. 9 billion. Accordingly, the Bank will meet State Bank of Pakistan’s minimum capital requirement for 2012 of Rs. 9 billion a year in advance.