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Meezan Bank Records 61% Growth in Quarterly Post-tax Profit

KARACHI (May 02, 2011) – Meezan Bank recorded 61% growth in its post-tax profit for the quarter ended March 31, 2011. A statement said here on Monday that the Profit after tax for the quarter increased to Rs.586 million as compared to Rs.364 million in the corresponding quarter last year.

It said that the Board of Directors of Meezan Bank Limited in its meeting approved the financial statements of the Bank for the quarter ended March 31, 2011. 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 statement further pointed out that 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.

It said that the 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.

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