KARACHI: The Board of Directors of Meezan Bank Limited in its meeting, held on February 18, 2021 approved the audited financial statements of the Bank for the year ended December 31, 2020. The meeting was presided by Riyadh S.A. A. Edrees - Chairman of the Board, Faisal A. A. A. Al - Nassar – Vice Chairman of the Board was also present.

The Bank recorded excellent results for the year ended on December 31, 2020 with Profit after tax of Rs22.17 billion as compared to Rs15.23 billion in the corresponding period last year – an impressive growth of 46%. EPS of the Bank increased to Rs15.67 per share against Rs10.77 per share in December 2019 on the enhanced capital of Rs14.147 billion The Board approved 20% (Rs2.00 per share) final cash dividend for the year, bringing the total payout for the year to 60% (Rs6.00 per share) as 40% (Rs4.00 per share) interim cash dividend was paid in addition to 10% bonus shares issued during the year.

Deposits of the Bank closed at Rs1.25 trillion – 35% up from December 2019. Meezan Bank is now the fifth largest bank in Pakistan in terms of deposits. The Bank has a network of 815 branches and 880 ATMs in 248 cities across the country and its Mobile Banking App has been consistently ranked as the No.1 Mobile Banking App in Pakistan by both Apple Store and Google Play Store.—PR

Copyright Business Recorder, 2021