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Meezan Bank records 29% growth in profit in first quarter ended 31st March 2010

April 23rd, 2010

Meezan Bank announced the first quarter results for 2010 at its Board of Directors meeting held in Dubai.

Meezan Bank continued to demonstrate good business results during the quarter ended March 31, 2010 and remains the leading Islamic Bank in Pakistan. Gross core banking income before provisions and administrative expenses increased to Rs 1.8 billion compared to Rs 1.6 billion for the corresponding quarter last year. The Bank showed improved performance in both Funded and Non Funded banking business segments. Profit after tax of the Bank increased to Rs. 364 million as compared to Rs. 283 million during the corresponding period last year reflecting an increase of 29%. Deposits increased to Rs 102.5 billion which is Rs 2.1 billion higher than the deposits at December 31 2009. The favorable business volume is attributable to Meezan Bank’s aggressive branch expansion strategy adopted since the last 4 years.

The Paid-up Capital of the bank has increased to Rs. 6.98 billion as the 5% bonus shares approved in last Board of Directors’ meeting have been issued to the shareholders. Based on revised share capital, the Earnings Per Share (EPS) for the first quarter amounted to Re 0.52 per share.

H.E. Sheikh Ebrahim Bin Khalifa al Khalifa – Chairman of the Board who is also the Housing Minister of the Kingdom of Bahrain, reiterated the commitment of the shareholders to Pakistan and said that Pakistan represents a very important investment destination for GCC investors.

Meezan Bank is currently operating with 201 branches in 54 cities. The Bank offers a complete range of Islamic banking products and services including car leasing and home mortgages. The Bank’s retail banking network is supported by 24/7 banking services – these include over 160 ATMs, Internet Banking and a 24-hour Call Center. The Bank has recently launched its VISA Debit card that allows its customers to shop at more than 30 million merchants worldwide and withdraw funds from their accounts from more than 1.4 million ATM’s worldwide. The Bank was also awarded ‘Best Islamic Bank of Pakistan’ for the fifth consecutive year in 2009 by Islamic Finance News, ‘Best Islamic Financial Institution in Pakistan’ in 2009 by Global Finance and ‘Best Islamic Bank in Pakistan’ for 2009 by ASiAMONEY.