KARACHI: The board of directors of Meezan Bank in their meeting held on Thursday approved the financial statements of the bank and its consolidated financial statements for the year ended December 31, 2022.
The meeting was chaired by Riyadh Edrees, the chairman of the board, and Vice Chairman Faisal Al-Nassar was also present.
The bank’s profit after tax for the year 2022 increased to Rs 45 billion compared to Rs 28.4 billion last year - a 59 percent growth. The Board has approved Rs3 per share final cash dividend for the year 2022. This brings the total cash dividend payout for the year 2022 to Rs8.50 (85 percent) per share as Rs 5.50 per share i.e. 55 percent interim cash dividend was already paid for the nine month period. This is in addition to 10 percent bonus shares issued during the year. The Bank remains adequately capitalised with Capital Adequacy Ratio of 18.42 percent - well above minimum requirement of 12.00 percent.
Deposits of the Bank grew by 14 percent to Rs 1.66 trillion. The Bank added 60 new branches to its network bringing the total to 962 branches in 317 cities along with more than 1,000 ATMs. The Bank’s Mobile Banking App remains the highest-rated Mobile App in the banking industry on both Google Play Store and Apple App Store.
Total assets of the Bank crossed Rs 2.5 trillion, registering a 35 percent growth. Its Gross financings grew by 31 percent, crossing Rs 1 trillion with Gross Advances to Deposits Ratio (ADR) of 61 percent vs 53 percent last year.
Meezan Bank remained the most valuable bank in Pakistan in terms of market capitalization amongst all the listed banks. The Bank has entity ratings at ‘AAA/A-1+’ (Triple A/ A-One Plus) which denotes the highest credit quality with negligible risk factors with Stable outlook assigned by VIS Credit Rating Company Limited.
Copyright Business Recorder, 2023
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