April 2nd, 2015
Karachi, Pakistan: The 19th Annual General Meeting (AGM) of Meezan Bank Limited was held on March 27, 2015 at its Head Office – Meezan House, Karachi. The Chairman Audit Committee, Mr. Mohammad Abdul Aleem chaired the AGM, which was attended by Meezan Bank’s management team, external auditors and shareholders of Meezan Bank.
Shareholders were informed that during the year, Meezan Bank’s performance remained outstanding in all areas of its business activities. A significant achievement during the year had been the successful acquisition of the Pakistan operations of HSBC Bank, one of the leading retail banks in the world. The Bank earned Profit-after-tax of Rs. 4.570 billion in 2014 compared to Rs. 3.957 billion recorded last year. Earnings per share (EPS) for the year increased to Rs. 4.56 (2013: Rs.3.95). Deposits increased by 31% to Rs. 380 billion in 2014, while its financing portfolio grew by 38% to Rs. 176 billion. Furthermore, the non-funded business, which primarily includes Imports and Exports, crossed Rs. 375 billion.
The shareholders acknowledged the impressive performance of the Bank and approved the annual audited accounts for the year ended Dec 31, 2014. The shareholders also approved the 12.5% final cash dividend i.e. Rs. 1.25 per share. This is in addition to the earlier interim cash dividend of 15% paid in August which brings the total payout of the Bank for the year to Rs. 2.75 per share (i.e. 27.50%). This declaration maintains the Bank’s unbroken payout record since its date of listing on the Stock Exchange.
Meezan Bank is the 8th largest bank in Pakistan. It provides a complete range of Islamic banking products and services through a network of over 430 branches in 117 cities, supported by a countrywide network of 350 ATMs, Visa debit cards, a 24/7 Call Center and internet banking facility.
Meezan Bank has been consistently recognized as the Best Islamic Bank in Pakistan by numerous local and international institutions including Islamic Finance News – Malaysia, Global Finance magazine, New York, Asset AAA – Hong Kong and CFA Association – Pakistan. The JCR-VIS Credit Rating Company Limited, an affiliate of Japan Credit Rating Agency, Japan has re-affirmed the long-term rating to AA (Double A) and short term rating at A1+ (A One Plus), the highest standard in short term rating, with stable outlook which highlights sound performance indicators of the Bank.