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Meezan Bank registers record growth in profit and deposits in first quarter ended 31st March 2011!

May 2nd, 2011

The Board of Directors’ of Meezan Bank Limited in its meeting held on April 30, 2011 approved the financial statements of the Bank for the quarter ended March 31, 2011.

Meezan Bank recorded 61% growth in its post-tax profit for the quarter ended March 31, 2011. The Profit after tax for the quarter increased to Rs. 586 million as compared to Rs. 364 million in the corresponding quarter last year. Earnings per Share (EPS) for the period increased to Rs. 0.73 as compared to Rs. 0.45 in corresponding period last year.

Total deposits increased by Rs. 4 billion over December 31, 2010 despite the fact that deposit growth is normally low in the first quarter. The income from core banking business increased by 37% to Rs 2.6 billion from Rs 1.9 billion recorded in March 2010, mainly because of concerted efforts by the Bank to increase its earning assets and an aggressive branch expansion strategy adopted since the last 5 years. Investments of the Bank  increased by 27% from Rs. 55 billion in December 2010 to Rs 70 billion in March 2011 mainly due to investments in GoP Ijara Sukuk issued by the Government of Pakistan in the period under review.

The 15% bonus approved by the shareholders in the Annual General Meeting held in March 2011 was issued and accordingly enhanced the paid-up capital of the Bank, which now stands at Rs. 8 billion. Accordingly, the Bank has met SBP minimum capital of Rs. 8 billion required to be completed by December 2011, a year in advance.