Meezan Bank records 54pc growth in Profit-after-tax for first quarter

Meezan Bank

KARACHI: The Meezan Bank Limited has recorded 54percent growth in its Profit-after-tax which increased to Rs. 903 million for the quarter ended March 31, 2012 as compared to Rs. 585 million earned in first quarter of 2011.

A statement here on Tuesday said that the Board of Directors’ of Meezan Bank Limited in its meeting held in Dubai on April 16 approved the quarterly financial statements of the Bank for the quarter ended March 31, 2012.It said that the meeting was presided by Sheikh Ebrahim Bin Khalifa Al-Khalifa, Chairman of the Board. The Vice Chairman of the Board, Abdullateef A. Al-Asfour also attended the meeting.

Meezan Bank, the statement pointed out, has achieved growth in all business segments and consolidated its position as the leading Islamic Bank in Pakistan. The Bank’s total assets crossed landmark figure of Rs. 205 billion and the Deposits increased to Rs. 175 billion as at March 31, 2012. The growth in deposits is directly attributable to an aggressive branch expansion strategy adopted since 2008.

The earnings per share of the Bank was recorded at Rs 1.00 (March 2011: Re 0.65) on enhanced share capital of Rs. 9 billion. The share capital was enhanced to Rs. 9 billion due to issuance of 12.5% bonus shares equivalent to Rs. 1 billion, approved by the shareholders in the Annual General Meeting held on March 29, 2012.Accordingly, the Bank has met SBP minimum capital of Rs. 9 billion required to be completed by December 2012, a year in advance. – Brecorder