Meezan Bank posts Rs22.1bn profit for 2020

The Board of Directors of Meezan Bank Ltd recently approved the audited financial statements of the bank for the year ended December 31, 2020.

The meeting was presided by Riyadh S.A. A. Edrees — Chairman of the Board. Faisal A. A. A. Al-Nassar – Vice Chairman of the Board, was also present on the occasion.

The bank posted a results profit after tax of Rs22.17 billion for the year ended on December 31, 2020, as compared to Rs15.23 billion in the corresponding period last year – an impressive growth of 46pc. The bank’s earnings per share increased to Rs15.67 per share against Rs10.77 per share in December 2019 on enhanced capital of Rs14.147 billion.

The board approved 20pc (Rs2.00 per share) final cash dividend for the year, bringing the total payout for the year to 60pc (Rs6.00 per share), as 40pc (Rs4.00 per share) interim cash dividend was paid in addition to 10pc bonus shares issued during the year.

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Deposits of the bank closed at Rs1.25 trillion – 35pc up from December 2019. Meezan Bank is now the fifth largest bank in Pakistan in terms of deposits. The bank has a network of 815 branches and 880 ATMs in 248 cities across the country.

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