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Meezan Bank’s Profit after Tax grows by 19%

April 22nd, 2015

The Board of Directors’ of Meezan Bank Limited in its meeting held on April 21, 2015 approved the financial statements of the Bank for the quarter ended March 31, 2015. The meeting was presided by H. E. Sheikh Ebrahim Bin Khalifa Al-Khalifa, Chairman of the Board, and the Vice Chairman of the Board Mr. Riyadh S. A. A. Edrees also attended the meeting.

By the Grace of Allah, Meezan Bank has maintained its growth momentum and recorded good results for the first quarter ended March 31, 2015. Profit after tax increased to Rs 1.31 billion from Rs 1.10 billion, resulting in a growth of 19%. The Earnings per share of the Bank for the first quarter of 2015 was Rs. 1.31 per share (March 31 2014: Rs. 1.10 per share). Deposits of the Bank increased to Rs. 391 billion as at March 31, 2015 from Rs. 380 billion as at December 31, 2014.

Meezan Bank, the 8th largest bank in Pakistan, provides a comprehensive range of Islamic banking products and services through a retail banking network of 430 branches in 117 cities, supported by a countrywide network of over 361 ATMs, Visa debit cards, a 24/7 Call Center and internet banking facility. Since its inception, 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 reaffirmed Bank’s long-term entity rating at AA (Double A) 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 and indicates sound performance indicators of the Bank.