The board of directors of Meezan Bank Limited, under the chairmanship of Shaikh Ebrahim Bin Khalifa Al-Khalifa, approved the annual audit of accounts of the bank for year ending on December 31, 2010 in its meeting held on February 11, 2011.
The board also declared 15 percent bonus shares for its shareholders for 2010, thus raising the paid-up capital of the bank to rupees eight billion against rupees seven billion minimum capital requirement of State Bank of Pakistan (SBP). By doing so, the bank will now meet SBP's mandatory minimum capital requirement one year ahead of schedule.
Meezan Bank recorded 61 percent growth in its after tax profit for the year ending on December 31, 2010. Profit after tax for 2010 was Rs 1,650 million compared to Rs 1,025 million in the previous year. Earnings per Share (EPS) for the year increased to Rs 2.36 from Rs 1.62 in the corresponding period last year.
Chairman Meezan Bank, who is also a minister in the state of Bahrain, said that the bank showed excellent performance on several other business-parameters also. Elaborating, he said its deposits grew by 31 percent; Rs 100 billion in December 2009 to Rs 131 billion in December 2010. The growth in deposits is directly attributable to the aggressive branch expansion plan initiated since 2008 and an effective direct sales strategy.-PR
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