Meezan Bank records 92pc growth in profit after tax

Meezan Bank records 92pc growth in profit after tax

KARACHI: Meezan Bank Limited (MBL) has recordedrobust growth of 92pc in its half year after-tax profit which increasedto Rs1,382 million from Rs719 million in the corresponding periodlast year.A statement her on Monday said that comparative earnings pershare also increased to Rs1.72 from to Rs0.90.It said that as a result of the strong profitability of the Bank,the Board approved a 10pc interim cash dividend, continuing the Bank’sunbroken payout record since its date of listing on the StockExchange.

The Board of Directors of Meezan Bank Limited in its meetingapproved the financial statements of the Bank for the half year endedJune 30, 2011.The Board also appointed Abdullateef A. Al-Asfour as the ViceChairman of Bank.The statement further pointed out that during this period, thedeposits of the Bank increased by 13pc to Rs148 billion on June 30,2011.The growth in deposits reflects the strong demand for Islamicfinancial products and the dominance of Meezan Bank in the IslamicBanking industry.The Board also reiterated its confidence in the Bank’s branchexpansion strategy that has enabled it to remain at the forefront ofthe Islamic Banking sector in Pakistan. – Brecorder