Meezan Bank declares 15pc interim cash dividend

Karachi: The Board of Directors of Meezan Bank Limited in its meeting held in Karachi 2013 approved the financial statements of the Bank for the half year ended June 30, 2013. The meeting was presided by Sheikh Ebrahim Bin Khalifa Al-Khalifa, Chairman of the Board. The Vice Chairman of the Board Abdullateef A. Al-Asfour also attended the meeting.

The Bank recorded 5% growth in its Profit-after-tax which increased to Rs. 1,933 million compared to Rs. 1,844 million earned in the corresponding period of 2012. Earnings per share of the Bank was Rs. 1.93 (June 2012: Rs 1.84) on enhanced share capital of Rs. 10 billion. The Bank has been able to consistently increase its profits despite the monetary easing of 500 basis points by State Bank of Pakistan since 2011. Deposits grew by Rs. 30 billion to Rs. 260 billion during the first half of 2013. The Bank achieved growth in all business segments and consolidated its position as the leading Islamic bank in Pakistan.

As a result of the strong profitability, the Board of Directors approved a 15% interim cash dividend. The Bank has an unbroken payout record since its listing on the Stock Exchange.

The JCR-VIS Credit Rating Company Limited, an affiliate of Japan Credit Rating Agency, Japan, has upgraded the Bank’s long-term entity rating to AA (Double A) from AA- (Double A minus) and short term rating at A1+ (A One Plus) with stable outlook. The short term rating of A1+ is the highest standard in short term rating. The rating indicates sound performance indicators of the Bank. Meezan Bank is the only Bank with AA credit rating in the Islamic banking industry of Pakistan.

Meezan Bank is the 8th largest bank in Pakistan in terms of branch network and provides a complete range of Islamic banking products and services through a retail banking network of 319 branches in 94 cities, supported by a countrywide network of over 257 ATMs, Visa debit cards, a 24/7 Call Center and internet banking facility. The Bank has been consistently recognized as the best Islamic bank in Pakistan by numerous local and international institutions over the past several years.