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Meezan Bank records 31% growth in profit in first quarter ended 31st March 2008

April 30th, 2008

Karachi, April 30: Meezan Bank, Pakistan’s largest Islamic Bank has posted 31% growth in its Post-tax profit for the first quarter ended March 31st 2008. The post-tax profit increased to Rs. 251 million compared to Rs. 191 million in the corresponding period of last year. Income from core banking business has increased by 48%, maintaining the healthy trend of decreasing dependency to volatile non-banking income. Earnings per Share (EPS) for the first quarter was Rs. 0.55 as compared to Rs. 0.42 in corresponding period last year. The performance of Meezan Bank during the period has been very good with significant growth in all areas of its business activities especially deposits, that grew by 45% over the corresponding period last year. Despite the fast growth, the cautious and prudent financing policies have enabled the Bank to maintain excellent asset quality across all business segments including the consumer financing business.

This significant growth is mainly attributable to aggressive branch expansion plan and effective direct sales strategies. The Bank presently has 101 branches in 31 cities across Pakistan All branches are ‘on-line’ and are supported by state of the art 24/7 Banking services to all its customers, which includes 90 ATMs, Internet Banking and a Call Center that operates 24 hours a day seven days a week. Meezan Bank offers a comprehensive Debit Card that is accepted at over 3,000 outlets across Pakistan.

Meezan Bank’s mission is to provide its customers dedicated and pure Islamic Banking facilities with the greatest of convenience and personalized service with real time online branches in all major cities of the country. The Bank has a dedicated Customer Care Unit to maintain and measure service excellence for all customers.