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Meezan Bank records impressive growth in 3rd Quarter 2011

October 31st, 2011

Meezan Bank Limited has announced impressive growth in profitability, deposits and total assets. The accounts were approved by the Board of Directors of Meezan Bank in its 54th meeting held on October 30, 2011 at the Bank’s new Head Office in Karachi, presided by H. E. Sheikh Ebrahim Bin Khalifa Al-Khalifa, Chairman of the Board.

Alhamdulillah, the Bank achieved 130 % growth in its Profit-after-tax – Rs. 2,292 million for the nine month period ended September 30, 2011 as compared to Rs. 995 million earned in the corresponding period last year.

Earning per share (EPS) increased to Rs 2.85 from Rs. 1.24 during the same period under review. Meezan Bank’s total assets crossed Rs 179 billion during the same period. Deposits have also increased from Rs. 131 billion in December 2010 to Rs 151 billion in September 2011, an increase of 16 % which is significantly better than the growth in deposits recorded by the Banking sector for this quarter.

The Board also inaugurated the Bank’s impressive new Head Office, which now houses approximately 400 staff. A flag-hoisting ceremony was conducted on the occasion by H. E. Sheikh Ebrahim Bin Khalifa Al-Khalifa, Chairman of Meezan Bank’s Board & Mr. M. A. Rauf Siddiqui, Minister of Industries and Commerce, Government of Sindh. All members of Meezan Bank’s Board, including the Vice Chairman Abdullateef A. Al-Asfour planted trees at the premises to commemorate the occasion of their first visit to the Bank’s new Head Office Building.

Justice (Retd.) Muhammad Taqi Usmani, Chairman of Meezan Bank’s Shariah Supervisory Board also visited Meezan Bank’s Head Office on the occasion. He toured the Head office building with President & CEO of Meezan Bank, Mr. Irfan Siddiqui and appreciated the facilities provided in the building. He admired the Bank’s contribution towards the establishment of Islamic Banking in Pakistan and also planted a tree at the premises to commemorate the occasion.

The Chairman of the Board of Directors of Meezan Bank, H. E. Sheikh Ebrahim Bin Khalifa Al-Khalifa and Mr. M. A. Rauf Siddiqui, Minister of Industries and Commerce, Government of Sind at the flag hoisting ceremony held at Meezan Bank’s Head Office. Also seen in the picture are Mr. Abdullateef A. Al-Asfour - Vice Chairman (first from right), Mr. Irfan Siddiqui - Founding President and CEO (second from left) and Mr. Ariful Islam - COO and Executive Director (first from left). Justice (Retd.) Muhammad Taqi Usmani, Chairman of Meezan Bank’s Shariah Supervisory Board also visited the Head Office on the occasion.

The Chairman of the Board of Directors of Meezan Bank, H. E. Sheikh Ebrahim Bin Khalifa Al-Khalifa and Mr. M. A. Rauf Siddiqui, Minister of Industries and Commerce, Government of Sindh at the flag hoisting ceremony held at Meezan Bank’s Head Office.

Also seen in the picture are Mr. Abdullateef A. Al-Asfour – Vice Chairman (first from right), Mr. Irfan Siddiqui – Founding President and CEO (second from left) and Mr. Ariful Islam – COO and Executive Director (first from left).

Justice (Retd.) Muhammad Taqi Usmani, Chairman of Meezan Bank’s Shariah Supervisory Board also visited the Head Office on the occasion.