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Meezan Bank’s deposits crossed Rs 300 billion ; Profit after Tax grows by 13%

March 24th, 2014

The Board of Directors’ of Meezan Bank Limited in its meeting held at Karachi on April 23, 2014 approved the financial statements of the Bank for the quarter ended March 31, 2014. The meeting was presided by H. E. Sheikh Ebrahim Bin Khalifa Al-Khalifa, Chairman of the Board. Vice Chairman of the Board Mr Abdullateef A. Al-Asfour also attended the meeting.

Meezan Bank has maintained its growth momentum – crossing the deposit milestone of   Rs. 300 billion and closing at Rs. 307 billion on March 31, 2014  as against Rs. 290 billion on December 31, 2013, a growth of 6% in just 3 months. The Bank also recorded 13% growth in its Profit-after-tax which increased to Rs. 1.106 billion compared to Rs.0. 982 billion earned in the corresponding quarter last year. The Earnings per Share of the Bank for the first quarter of 2014 was Rs. 1.10 (March 2013: Re. 0.98).

Meezan Bank is Pakistan’s 8th largest bank in terms of branch network, with 351 branches in 103 cities of the country. The Bank has been consistently recognized as the best Islamic Bank in Pakistan by various local and international institutions over the past several years.

The JCR-VIS Credit Rating Company Limited, an affiliate of Japan Credit Rating Agency, Japan, has upgraded during 2013 the Bank’s long-term entity rating to AA (Double A) from AA- (Double A minus) and short term rating at A1+ (A One Plus) with stable outlook. The short term rating of A1+ is the highest standard in short term rating. The rating indicates sound performance indicators of the Bank.