KARACHI: Meezan Bank Ltd has recorded 17% growth in its profit-after-tax which increased to Rs 2.254 billion compared to Rs 1.933 billion earned in the corresponding half year of 2013.

The earnings per share of the bank increased to Rs. 2.25 (June 2013: Rs. 1.93), a news release said here on Monday.

As a result of the bank's strong profitability, the Board of Directors approved an interim cash dividend of Rs 1.50 per share (i.e 15%).

The Board of Directors of Meezan Bank Ltd in its meeting held here on July 24, approved the reviewed financial statements of the Bank for the half year ended on June 30, 2014.

The JCR-VIS Credit Rating Company Limited, an affiliate of Japan Credit Rating Agency, has reaffirmed the Bank's long-term entity rating at AA (Double A) and short term rating at A1+ (A One Plus) with stable outlook. The short term rating of A1+ is the highest standard in short term rating.

The rating indicates sound performance indicators of the Bank, it said.