KARACHI: The Board of Directors of Meezan Bank in its meeting, approved the Bank’s financial statements for the half year ended June 30, 2018.
Profit after tax increased to Rs4,126 million from Rs3,163 million earned in the corresponding period last year – a growth of 30 per cent. Earnings per Share (EPS) increased to Rs3.88.
The Board of Directors approved an interim cash dividend of Rs1.50 per share (i.e. 15 per cent) and 10 per cent bonus shares, maintaining the bank’s unbroken payout record since its listing on the Stock Exchange in the year 2000.
Deposits crossed Rs700 billion – growing by 19 per cent 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.
The bank’s fee and commission income increased by a healthy 23 per cent which was mainly driven by growth in trade business which grew by an impressive 44 per cent over the corresponding period last year.
The bank issued an additional Tier I capital of Rs7 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 the short-term rating.
