Meezan Bank records 92pc growth in profit after tax

KARACHI: Meezan Bank Limited (MBL) has recorded robust growth of 92pc in its half year after-tax profit which increased to Rs1,382 million from Rs719 million in the corresponding period last year.

A statement her on Monday said that comparative earnings per share also increased to Rs1.72 from to Rs0.90.

It said that as a result of the strong profitability of the Bank, the Board approved a 10pc interim cash dividend, continuing the Bank's unbroken payout record since its date of listing on the Stock Exchange.

The Board of Directors of Meezan Bank Limited in its meeting approved the financial statements of the Bank for the half year ended June 30, 2011.

The Board also appointed Abdullateef A. Al-Asfour as the Vice Chairman of Bank.

The statement further pointed out that during this period, the deposits of the Bank increased by 13pc to Rs148 billion on June 30, 2011.

The growth in deposits reflects the strong demand for Islamic financial products and the dominance of Meezan Bank in the Islamic Banking industry.

The Board also reiterated its confidence in the Bank's branch expansion strategy that has enabled it to remain at the forefront of the Islamic Banking sector in Pakistan.

Copyright APP (Associated Press of Pakistan), 2011