Meezan Bank records 130% growth in 3rd Quarter Profit

Karachi: Meezan Bank Limited achieved 130% growth in its profit-after-tax that stood at Rs 2,292 million for nine month period ended September 30, 2011 as compared to Rs 995 million earned in corresponding period last year.

The largest Islamic Bank in Pakistan announced impressive growth in profitability, deposits, total assets. Accounts were approved by its Board of Directors in Karachi, presided by Sheikh Ebrahim Bin Khalifa Al-Khalifa, Chairman of Board, a press release said Monday.

Earning-per-share (EPS) rose to Rs 2.85 from Rs 1.24. Meezan Bank’s total assets crossed Rs 179 billion in period under review. Deposits also increased from Rs 131 billion in December 2010 to Rs 151 billion in September 2011, 16% increase which is significantly better than growth in deposits recorded by banking sector for this quarter.

Board inaugurated Bank’s new Head Office. A flag-hoisting ceremony was conducted by Sheikh Ebrahim Bin Khalifa Al-Khalifa & Rauf Siddiqui Sindh Industries Minister. Justice (Rd) Muhammad Taqi Usmani, Chairman Meezan Bank’s Shariah Supervisory Board also visited Head Office with President & CEO Irfan Siddiqui, lauded facilities and Bank’s contribution to establishment of Islamic Banking in Pakistan.

Leave a Reply