Meezan Bank, the first Islamic bank of Pakistan, has continued its growth with momentum and has recorded good results for the quarter ended March 31, 2017. Profit after tax increased to Rs 1.512 billion from Rs 1.337 billion earned in the corresponding period last year, primarily due to the growth in earning by assets. The bank recorded Earnings per Share (EPS) of Rs 1.51.
The Board of Directors (BoD) of Meezan Bank, in its meeting held at Karachi approved the unconsolidated financial statements of the bank and its consolidated financial statements for the quarter ended March 31, 2017. The meeting was presided by Riyadh S A Edrees, Chairman of the Board and Faisal, the Vice Chairman of the Board.
The Bank continued to enhance its financing exposure in all the sectors, while simultaneously ensuring that all risk parameters are met. Fee and commission income of the bank grew by 68 per cent over the corresponding period last year while the trade business (import and export) volume handled by the bank, at Rs 165 billion, was higher by 37 per cent over the corresponding period last year.
The bank maintained its position as the country’s leading Islamic bank and the 8th largest bank of Pakistan (among both conventional and Islamic banks) with a branch network of more than 570 branches in 146 cities.
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) and short-term rating at A1+ (A One Plus) with a stable outlook. The short-term rating of A1+ is the highest standard in short-term rating. The rating indicates sound performance indicators of the bank.
