Meezan Bank records 61% growth in its post-tax profit for quarter ended March 31, 2011

Banking and Finance

Karachi –– Meezan Bank recorded 61% growth in its post-tax profit for quarter ended March 31, 2011. Profit after tax for the quarter increased to Rs 586 million as compared to Rs 364 million in corresponding quarter last year. Board of Directors meeting approved financial statements of Bank for quarter ended March 31, 2011.

Earnings per share for 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 first quarter. Income from core banking business increased by 37% to Rs 2.6 billion from Rs 1.9 billion recorded in March 2010, mainly due to concerted efforts to increase its earning assets and aggressive branch expansion strategy adopted since last five years.

Investments of 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 Government of Pakistan in period under review, a press release said Monday.

The 15% bonus approved by shareholders in Annual General Meeting in March 2011 was issued and accordingly enhanced paid-up capital, which now stands at Rs 8 billion. Accordingly, Bank has met SBP minimum capital of Rs 8 billion required to be completed by December 2011, a year in advance.

Meezan Bank is first and largest Islamic Bank in Pakistan having network of 222 branches in 63 cities, offering complete range of Islamic banking products, services, including free online banking for all Pak Rupee account at all its branches.

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