The Board of Directors of Meezan Bank in its meeting, held at Karachi on August 29, 2018 approved the Bank’s financial statements for the half year ended June 30, 2018. The meeting was presided by Mr. Riyadh S.A. A. Edrees – Chairman of the Board and Mr. Faisal A. A. A. Al – Nassar – Vice Chairman of the Board was also present.
By the Grace of Allah (SWT), Meezan Bank has declared excellent results for the half year ended June 30, 2018. Profit after tax increased to Rs 4,126 million from Rs 3,163 million earned in corresponding period last year- a growth of 30%. Earnings per Share (EPS) increased to Rs3.88.
The Board of Directors approved an interim cash dividend of Rs 1.50 per share (i.e. 15%) and 10% bonus shares, maintaining the Bank’s unbroken payout record since its listing on the Stock Exchange in the year 2000.
Deposits crossed Rs 700 billion – growing by 19% over June 2017 and as the Bank maintained its position as the 7th largest Bank in Pakistan (amongst both Islamic and Conventional Banks) with a network of 602 branches in 160 cities.
Alhamdulillah, the Bank has successfully issued Additional Tier I capital of Rs 7 billion in August 2018, that has further strengthened the Bank’s Capital Adequacy Ratio and will support the future growth strategy of the Bank. This issue was over-subscribed by two times and this reflects the confidence investors have in the Bank.
JCR-VIS Credit Rating Company Limited, an affiliate of Japan Credit Rating Agency, Japan has upgraded the Bank’s long-term entity rating at AA+ (Double A Plus) from AA (Double AA). The JCR-VIS has maintained the Bank’s short term rating at A1+ (A One Plus) with stable outlook which is the highest standard in short term rating. The rating indicates sound performance indicators of the Bank.
Meezan Bank is the 7th largest bank in Pakistan and the leading Islamic bank of the country. The Bank provides a comprehensive range of Islamic banking products and services through a retail banking network of more than 600 branches supported by a countrywide network of 600 ATMs, Visa & MasterCard Debit cards, a 24/7 Call Center, Internet Banking and Mobile Banking facility.
Meezan Bank has consistently been recognized as the Best Islamic Bank in Pakistan by numerous local and international institutions, which is a testimony of the Bank’s commitment to excellence. These institutions include Islamic Finance News – Malaysia, Global Finance magazine – New York, Asset AAA – Hong Kong, Asiamoney – Hong Kong, The Banker – United Kingdom, South Asian Federation of Accountants, Islamic Finance Forum of South Asian Awards, Pakistan Banking Awards – Dawn & IBP Pakistan, Employers Federation of Pakistan and CFA Association – Pakistan.
The JCR-VIS Credit Rating Company Limited, an affiliate of Japan Credit Rating Agency, Japan has reaffirmed the Bank’s long-term entity rating of AA+ (Double A Plus) and short-term rating at A1+ (A One Plus) with stable outlook. The rating indicates sound performance indicators of the Bank.
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The 2018 Boao Forum for Asia (BFA) annual conference is scheduled for April 8 to 11 in Boao, Hainan Province. The forum will be themed "An Open and Innovative Asia for a World of Greater Prosperity."
— The Daily Mail - People's Daily