Meezan Bank holds 17th AGM

March 29, 2013 Off By Web Desk

Karachi: The 17th Annual General Meeting AGM of Meezan Bank Limited was held on March 28, 2013 at its Head Office – Meezan House, Karachi.

Irfan Siddiqui President & CEO Meezan Bank informed the shareholders that Meezan Bank’s performance remained outstanding in all areas of its business activities. The Bank recorded a Profitaftertax of Rs. 3.5 billion in 2012 2011: Rs. 3.4 billion, earnings per share EPS for the year increased to Rs. 3.88 2011: Rs. 3.75 and deposits grew by 35% to Rs. 230 billion as at December 2012 2011: Rs 170 billion. The Bank opened 35 new branches in 2012 making it the 8th largest bank branch network in Pakistan with 310 branches spread across 90 cities of Pakistan.

The shareholders approved the annual audited accounts of the Bank for the year ended December 31, 2012 and acknowledged the impressive performance of the Bank. The shareholders also approved 11% bonus shares for the year 2013 continuing the Bank’s unbroken payout record since the Bank’s date of listing on the Karachi Stock Exchange. The shareholders also approved the 15% interim cash dividend that is Rs. 1.5 per share which was paid by the Bank in August 2012, bringing the total payout to 26% for the year 2012. The Bonus shares will increase the Bank’s paid up capital to Rs. 10 billion. Accordingly, the Bank will meet State Bank of Pakistan’s minimum capital requirement for 2013 of Rs. 10 billion a year in advance.

Irfan Siddiqui chaired the meeting that was attended by Ahmed Abdul Rahim Mohammed Chairman, Audit Committee, Azfar Qarni representing Islamic Development Bank, Jeddah, Ariful Islam Chief Operating Officer & Executive Director, Shabbir Hamza Khandwala Chief Financial Officer, TasnimulHaq Farooqui Company Secretary, Salman Hussain Partner, External Auditors – A. F. Ferguson & Co. and Shareholders of Meezan Bank Limited.

Meezan Bank has been rated by JCRVIS Credit Rating Company Limited, an affiliate of Japan Credit Rating Agency, with a longterm entity rating at 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 has also been consistently recognized as the best Islamic Bank in Pakistan by various local and international institutions over the past several years.