Meezan Bank announces results for the half year ended June 30, 2018
The Board of Directors of Meezan Bank, in its meeting held in Karachi on August 29, 2018, approved the Bank’s financial statements for the half year ended June 30, 2018, according to a company release. The meeting was presided by Mr. Riyadh S.A.A. Edrees, Chairman of the Board, and Mr. Faisal A.A.A. Al-Nassar, Vice Chairman of the Board, was also present.
Profit after tax increased to Rs 4,126 million from Rs 3,163 million earned in corresponding period last year, representing a growth of 30%. Earnings per Share (EPS) increased to Rs 3.88.
The Board of Directors approved an interim cash dividend of Rs 1.50 per share (i.e. 15%) and 10% bonus shares, maintaining the Bank’s unbroken payout record since its listing on the Stock Exchange in the year 2000.
Deposits crossed Rs 700 billion, growing by 19% over June 2017, and the Bank maintained its position as the 7th largest Bank in Pakistan with a network of 602 branches in 160 cities.
The Bank’s fee and commission income increased by a healthy 23% which was mainly driven by growth in trade business that grew by an impressive 44% over the corresponding period last year.
The Bank has successfully issued Additional Tier I capital of Rs 7 billion in August 2018 that has further strengthened the Bank’s Capital Adequacy Ratio and will support the future growth strategy of the Bank. This issue was over-subscribed by two times and this reflects the confidence investors have in the Bank.
JCR-VIS Credit Rating Company Limited, an affiliate of Japan Credit Rating Agency, has upgraded the Bank’s long-term entity rating at AA+ (Double A Plus) from AA (Double AA). The JCR-VIS has maintained the Bank’s short term rating at A1+ (A One Plus) with stable outlook which is the highest standard in short term rating.