Meezan Bank: Profit after Tax grows by 24%; Acquires HSBC Bank- Pakistan Operations

October 22nd, 2014

The Board of Directors of Meezan Bank Limited in its meeting held at Karachi on October 21, 2014 approved the unaudited financial statements of the Bank for the nine months period ended on September 30, 2014. 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.

Meezan Bank has declared excellent results and maintained its growth momentum. Total deposits increased to Rs. 330 billion as at September 30, 2014 against Rs. 290 billion as at December 31, 2013, a growth of 14%. The Bank recorded 24% growth in its Profit-after-tax which increased to Rs. 3.6 billion against Rs. 2.9 billion earned in the corresponding period of 2013. Earnings per Share of the Bank increased to Rs. 3.57 (September 2013: Rs. 2.87).

Meezan Bank is Pakistan’s 8th largest bank in terms of branch network, with 383 branches in 109 cities of the country. 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.

The Bank also successfully completed the acquisition of HSBC Pakistan on October 18, 2014. The acquisition has added 10 branches, incremental deposits of Rs 22 billion and a high quality financing portfolio. The entire business of HSBC Pakistan will be converted into the various Shariah-compliant products offered by Meezan Bank under the overall direction of the Bank’s Shariah Supervisory Board and the Islamic Banking Division of the State Bank of Pakistan.