Corporate results: Meezan Bank records 16.5% growth in profit

Earnings per share of the bank increased to Rs2.25 in contrast with Rs1.93 at the end of June 2013.


Our Correspondent July 28, 2014

KARACHI:


Meezan Bank has recorded 16.5% growth in its after-tax profit, which increased to Rs2.25 billion in January-June as opposed to Rs1.93 billion earned in the corresponding six-month period of 2013.


Earnings per share of the bank increased to Rs2.25 in contrast with Rs1.93 at the end of June 2013.


According to a notice sent to the Karachi Stock Exchange on Monday, the bank’s board of directors also approved an interim cash dividend of Rs1.50 per share, or 15% of the share’s face value.


Meezan Bank achieved a deposit base of Rs318 billion at the end of the six-month period as opposed to Rs290 billion recorded on December 31, 2013. This translates into a growth rate of almost 10%.


Pakistan’s eighth largest bank in terms of its branch network Meezan Bank is the first and the largest Islamic bank operating in Pakistan.

Published in The Express Tribune, July 29th,  2014.

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