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Meezan Bank Profit after Tax grows by 34%; declares interim cash dividend of 15%

August 13th, 2012

The Board of Directors of Meezan Bank Limited, in its meeting held at Karachi on August 12, 2012 approved the half yearly financial statements of the Bank for the six months ended June 30, 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 recorded 34% growth in its Profit-after-tax which increased to Rs. 1,844 million for the half year ended June 30, 2012 as compared to Rs. 1,382 million earned in the first half of 2011. The earnings per share of the Bank was recorded at Rs. 2.04 (June 2011: Rs 1.53) on enhanced share capital of Rs 9 billion.

The Bank not only maintained its impressive pay-out track record but improved upon it by approving a 15% interim cash dividend (Rs 1.5 per share) – 50% higher than last year’s interim cash dividend.

During the six months ended June 30, 2012, the Bank achieved growth in all business segments and consolidated its position as the leading Islamic Bank in Pakistan. The Bank’s total assets grew by 12% to Rs 224 billion while deposits grew by 14% to Rs 194 billion.

Meezan Bank completed ten years of operations in 2012 and has progressively grown to become the country’s 8th largest in terms of branch network. Driven by its Vision to ‘establish Islamic banking as banking of first choice’, the Bank has established an extensive branch network of 301 branches across 89 cities in Pakistan and has taken Islamic banking to each and every corner of Pakistan making it accessible to all segments of the society.The Bank has been consistently recognized as the best Islamic Bank in Pakistan by various local and international institutions over the past several years – including ‘Best Islamic Financial Institution in Pakistan’ by Global Finance magazine, New York and ‘Best Islamic Bank in Pakistan’ by Islamic Finance News of REDmoney Group, Malaysia.

The JCR-VIS Credit Rating Company has maintained the Bank’s long-term entity rating at AA- (Double A Minus) and short term rating at A-1+ (A-One Plus) with stable outlook. The short term rating of A-1+ is the highest standard in short term rating and indicates sound performance indicators of the Bank.

Tax grows by 34%