The Board of Directors of Meezan Bank Limited in its meeting held at Karachi on July 24, 2014 approved the reviewed financial statements of the Bank for the half year ended on June 30, 2014.
Meezan Bank has maintained its growth momentum – achieving a deposit base of Rs. 318 billion on June 30, 2014 against Rs. 290 billion on December 31, 2013, a growth of almost 10%. The Bank recorded 17% growth in its Profit-after-tax which increased to Rs. 2.254 billion compared to Rs. 1.933 billion earned in the corresponding half year of 2013. The Earnings per Share of the Bank increased to Rs. 2.25 (June 2013: Rs. 1.93).
As a result of the Bank’s strong profitability, the Board of Directors approved an interim cash dividend of Rs 1.50 per share (i.e 15%). The Bank has an unbroken payout record since its listing on Stock Exchange in the year 2000.
Meezan Bank’s is Pakistan’s 8th largest bank in terms of branch network, with 357 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 reaffirmed the 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. The rating indicates sound performance indicators of the Bank.