Meezan Bank Limited has achieved 130 percent growth in its profit after tax that stood at Rs 2,292 million for the nine month period ended September 30, 2011 as compared to Rs 995 million earned in the corresponding period last year. The largest Islamic bank in Pakistan has announced impressive growth in profitability, deposits and total assets.
The accounts were approved by the Board of Directors of Meezan Bank in its 54th meeting held on October 30, 2011 here, presided by Sheikh Ebrahim bin Khalifa Al-Khalifa, Chairman of the Board. Earning per share (EPS) increased to Rs 2.85 from Rs 1.24 during the same period under review. Meezan Bank's total assets crossed Rs 179 billion during the same period. Deposits have also increased from Rs 131 billion in December 2010 to Rs 151 billion in September 2011, an increase of 16 percent which is significantly better than the growth in deposits recorded by the banking sector for this quarter.
The board also inaugurated the banks impressive new head office, which now houses approximately 400 staff. A flag-hoisting ceremony was conducted on the occasion by Sheikh Ebrahim Bin Khalifa Al-Khalifa, Chairman of Meezan Bank's Board and M A Rauf Siddiqui, Minister of Industries and Commerce, Government of Sindh. All members of Meezan bank's board, including the Vice-Chairman Abdullateef A Al-Asfour planted trees at the premises to commemorate the occasion of their first visit to the Bank's new head-office building.
Former Justice Muhammad Taqi Usmani, Chairman of Meezan Bank's Shariah Supervisory Board also visited Meezan Bank's Head Office on the occasion. He toured the Head office building with President and CEO of Meezan Bank, Irfan Siddiqui and appreciated the facilities provided in the building. He admired the Bank's contribution towards the establishment of Islamic Banking in Pakistan and also planted a tree at the premises to commemorate the occasion.
Meezan Bank is the first and largest Islamic Bank in Pakistan with a branch network of 241 branches in over 60 cities across Pakistan and offers a complete range of Islamic banking products and services including free online banking for all Pak Rupee accounts at all its branches. The Bank's retail banking network is supported by 24/7 banking services that include over 190 ATMs, Internet Banking and a 24-hour Call Center. The Bank's VISA Debit card allows its customers to shop at more than 30 million merchants world-wide and withdraw funds from their accounts from more than 1.4 million ATM's world-wide-PR
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