Meezan Bank posts handsome profit

Karachi: Meezan Bank has recorded 16% growth in its Profit-after-tax which increased to Rs. 2,663 million for the nine months ended September 30, 2012 as compared to Rs. 2,292 million earned in the corresponding period last year.

Earnings per share of the Bank was recorded at Rs. 2.95 (September 2011: Rs. 2.54) on enhanced share capital of Rs. 9 billion.

The Board of Directors of Meezan Bank, in its meeting held in Dubai, U.A.E on October 11, 2012 approved the financial statements of the Bank for the nine months ended September 30, 2012. The meeting was presided by H. E. Sheikh Ebrahim Bin Khalifa Al-Khalifa, Chairman of the Board. The Vice Chairman of the Board Mr. Abdullateef A. Al-Asfour also attended the meeting.

The Bank achieved growth in all business segments and consolidated its position as the leading Islamic bank of Pakistan. Total assets grew by 19% to reach the level of Rs. 239 billion while Deposits grew by 22% and closed at Rs. 208 billion as at September 30, 2012.

Meezan Bank completed ten years of operations in 2012 and has progressively grown to become the country’s 8th largest in terms of branch network. Driven by its Vision to ‘establish Islamic banking as banking of first choice’, the Bank has established an extensive branch network of 301 branches across 89 cities in Pakistan and has made Islamic banking accessible to all segments of the society. The Bank has been consistently recognized as the best Islamic Bank in Pakistan by various local and international institutions over the past several years – including ‘Best Islamic Financial Institution in Pakistan’ by Global Finance magazine, New York and ‘Best Islamic Bank in Pakistan’ by Islamic Finance News of REDmoney Group, Malaysia.

The JCR-VIS Credit Rating Company Limited, an affiliate of Japan Credit Rating Agency, Japan has maintained the Bank’s long-term entity rating at AA- (Double A Minus) and short-term rating at A1+ (A One Plus) with stable outlook. The short-term rating of A1+ is the highest standard in short-term rating. The ratings indicate sound performance indicators of the Bank

Source: Thenewstribe.com