Karachi (Muhammad Yasir)
The Board of Directors of Meezan Bank Limited in its meeting, held at Karachi on April 18, 2023, approved the financial statements of the Bank for the quarter ended March 31, 2023. The meeting was presided by Mr. Riyadh S.A. A. Edrees – Chairman of the Board; Mr. Faisal A. A. A. Al – Nassar – Vice Chairman of the Board was also present.
The Bank’s profit after tax increased to Rs 15.4 billion from Rs 9.2 billion in the corresponding period last year, a growth of 68%. The Basic Earnings per Share increased to Rs 8.62 per share from Rs 5.14 per share in March 2022. The Board approved 30% (Rs 3 per share) interim cash dividend for the first quarter of 2023. The Bank remains a well-capitalized institution with a Capital Adequacy Ratio of 18.15% – significantly above the minimum regulatory requirement of 12.00%. Meezan is the most valuable bank in Pakistan, in terms of market capitalization, among all the listed banks.
Meezan Bank is one of the largest banks in Pakistan in terms of deposits, which closed at Rs 1.79 trillion. Current account contributed to 51% of its total deposits, amounting to Rs 918 billion while the current and savings account (CASA) deposits represent 88% of total deposits, amounting to Rs 1.6 trillion. The Bank maintained its leadership position in Roshan Digital Account (RDA) with a market share of 25% in terms of the total RDA inflows in the banking industry of Pakistan. Meezan Bank has a network of more than 970 branches in 324 cities and more than 1000 ATMs across the country. The Bank’s Mobile Banking App has been consistently ranked as No.1 Mobile Banking App in Pakistan by both Apple Store and Google Play Store.
With an extensive product portfolio, the Bank is well-positioned to cater to all financing needs of its customers within the bounds of Shariah. The Bank has a well-diversified assets portfolio comprising Corporate and SME customers and is among the market leaders in the consumer financing sector. Meezan Bank has been recognized as the Best Consumer Bank in Pakistan for 2022 and the Best Bank in Pakistan for 2018 & 2020 at the Pakistan Banking Awards – the most prestigious recognition in Pakistan’s banking sector. The Bank has also been recognized as the Best Islamic Retail Bank globally by Islamic Finance News of Redmoney Group, Malaysia. All these prestigious awards highlight the Bank’s position of excellence in the Banking industry.