The Board of Directors of Meezan Bank Limited in its meeting held at Karachi on February 19, 2012 approved the financial statements of the Bank for the year ended December 31, 2011.
In a press conference held on February 20, 2012 the Chairman of the Board, H. E. Sheikh Ebrahim Bin Khalifa Al Khalifa said that Meezan Bank will be completing ten years of Islamic commercial banking operations this year The Bank has achieved growth in all business segments and maintained its position as the leading Islamic Bank in Pakistan. The Bank’s total assets crossed the landmark figure of Rs. 200 billion at December 2011 while Deposits increased by 30% over the last year to Rs. 170 billion.
Mr. Irfan Siddiqui–President & CEO and Mr. Ariful Islam – Chief Operating Officer & Executive Director were also present at the occasion.
The Bank recorded 106 % growth in its Profit-after-tax which increased to Rs 3.4 billion for the year ended December 31, 2011 as compared to Rs 1.650 billion in 2010. Earning per share (EPS) increased to Rs 4.22 from Rs. 2.05 recorded last year.
The Board recommended the issue of 12.5% Bonus Shares (2010: 15%) for year 2011. This declaration, together with the earlier cash dividend of 10% paid in July 2011, brings the total payout for the year to 22.5% and maintains the Bank’s unbroken payout record since its date of listing on the Stock Exchange. The Bonus issue will increase the Bank’s paid up capital to Rs. 9 billion and the Bank will meet SBP’s minimum capital requirement for 2012 of Rs 9 billion a year in advance.
Speaking at the occasion, Mr. Irfan Siddiqui said that the Bank’s excellent deposit growth is a result of the rapidly growing demand for Islamic financial products, which is a clear indication of increasing public confidence in Islamic Banking, the fastest growing banking sector across the globe. Meezan Bank opened 53 branches in 2011 bringing its online branch network to 275 branches spread across 83 cities, making it the 9th largest banking network in Pakistan. The objective behind the Bank’s branch expansion strategy is to make Islamic Banking accessible to all segments of the society. He further mentioned that the Bank would continue its branch expansion strategy in 2012.
The JCR-VIS Credit Rating Company Limited upgraded Bank’s short term rating from A-1 (A-One) to A-1+ (A-One Plus), the highest standard in short term rating. The long-term entity rating has been maintained at AA- (Double A Minus) with stable outlook. The rating indicates sound performance indicators of the Bank.
Meezan Bank is the first and largest Islamic Bank in Pakistan and has been consistently recognized as the best Islamic Bank in Pakistan by various local and international institutions over the past several years. During the year, the Bank won various accolades including ‘Best Islamic Financial Institution in Pakistan’ by Global Finance magazine and ‘Best Islamic Bank in Pakistan’ by Islamic Finance News of REDmoney Group, Malaysia.