KARACHI: Meezan Bank Limited has recorded 9 percent growth in its profit-after-tax of first quarter ended March 31, 2013 which increased to Rs982 million compared to Rs903 million earned in the corresponding period of 2012.

A statement here on Thursday said that the Earnings per Share of the Bank increased to Rs0.98 (March 2012: Rs0.90) on the enhanced share capital of Rs10 billion.

Deposits of the Bank grew to Rs235 billion as at March 31, 2013 (Dec 2012: Rs230 billion).

The Board of Directors of Meezan Bank approved the financial statements of the Bank for the quarter ended March 31, 2013, in its meeting held in Dubai on April 30, 2013.

Chairman of the Board, Sheikh Ebrahim Bin Khalifa Al-Khalifa, presided the meeting that was also attended by Vice Chairman Abdullateef A. Al-Asfour and other Directors.

The statement further pointed out that the increase in profit has been achieved despite the monetary easing of 400 basis points by the State Bank of Pakistan during the last eighteen months.

The Bank's share capital increased to Rs10 billion with the issuance of 11 percent bonus shares approved by the shareholders in the Bank's 17th Annual General Meeting held on March 28, 2013.

Accordingly, Meezan Bank has met SBP minimum capital of Rs10 billion required to be completed by December 2013, a year in advance.