Meezan Bank profits grow 61%

Declares 15% bonus shares, paid-up capital rises to Rs8bn.

KARACHI: Meezan Bank announced a 61 per cent growth in its profit after tax for 2010 which stood at Rs1.65 billion compared with Rs1.025 billion in the previous year. Earnings per share (EPS) for the year increased to Rs2.36 from Rs1.62 in the corresponding period last year.

A statement issued by the bank here on Monday said the board of directors met in Dubai under the chairmanship of Sheikh Ebrahim bin Khalifa Al-Khalifa.

The board also declared 15 per cent bonus shares for shareholders for 2010, increasing the paid-up capital of the bank to Rs8 billion against Rs7 billion minimum capital requirement of the State Bank of Pakistan (SBP). The bank will now meet SBP’s mandatory minimum capital requirement one year ahead of schedule.

Deposits grew by 31 per cent from Rs100 billion in December 2009 to Rs131 billion in December 2010.

Published in The Express Tribune, February 15^th, 2011.