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Meezan Bank records impressive growth!

October 25th, 2010

Meezan Bank Limited has recorded impressive growth in profitability, deposits and total assets. The bank has established a network of 204 branches in 54 cities within a short span of 8 years. The Bank plans to open 18 more branches in the last quarter of 2010. Meezan accounts for approximately 50% of the market share of Islamic banks in Pakistan – a sector that is growing very rapidly.

The accounts were approved by the Board of Directors of Meezan Bank in its 50th Meeting held on October 22, 2010 in Dubai presided over by the Chairman H.E. Sheikh Ebrahim Bin Khalifa Al Khalifa. The Board appreciated the excellent performance of the Bank despite difficult market and economic conditions.

The Bank achieved 52% growth in its profit after tax – Rs. 995 million for the nine months period ended September 30, 2010 as compared to Rs. 654 million in the corresponding period last year. Earning per share (EPS) increased to Rs 1.42 from Rs 1.07 during the same period under review. Meezan Bank’s total assets crossed Rs 143 billion during the period under review. This growth has been spurred by the increase in the Bank’s branch network as a result of which deposits have also increased from Rs. 100 billion in December 2009 to Rs 119 billion in September 2010, an increase of 19%. The Bank continues to focus on maintaining low-cost deposits.