Meezan Bank profits jump 16% to Rs2.7b

Board of directors approve financial statements for nine months of 2012.

KARACHI:

Meezan Bank recorded 16% growth in its profit to Rs2.663 billion for the nine months ended September 30, 2012 compared to Rs2.292 billion in the corresponding period last year. Earnings per share of the bank was recorded at Rs2.95 on enhanced share capital of Rs9 billion, according to a press statement.

The board of directors of Meezan Bank, in their meeting held in Dubai, United Arab Emirates on October 11, 2012 approved the financial statements of the bank for the nine months ended September 30, 2012. The meeting was chaired by His Excellency Sheikh Ebrahim bin Khalifa Alkhalifa, chairman of the board. Total assets grew by 19% to touch Rs239 billion while deposits grew 22% and closed at Rs208 billion as at September 30, 2012.

Meezan Bank completed ten years of operations in 2012 and has progressively grown to become the country’s 8th largest in terms of branch network. The JCR-VIS Credit Rating Company – an affiliate of Japan Credit Rating Agency–maintained the bank’s long-term entity rating at AA- (Double A Minus) and short-term rating at A1+ (A One Plus) with stable outlook.

Published in The Express Tribune, October 13^th, 2012.