KARACHI: The Board of Directors’ of Meezan Bank Limited in its meeting held at Karachi on March 2, 2014 approved the financial statements of the Bank for the year ended December 31, 2013. The meeting was presided by HE Sheikh Ebrahim Bin Khalifa Al-Khalifa, Chairman of the Board. Vice Chairman of the Board Mr Abdullateef A Al-Asfour also attended the meeting.
The Bank has achieved significant growth in all business segments during 2013 and earned Profit-after-tax of Rs 3.96 billion in 2013 compared to Rs 3.51 billion recorded last year. The Earnings Per Share (EPS) increased to Rs 3.95 from Rs 3.50 for 2012.
The Board recommended distribution of 5% final cash dividend for the year 2013. This declaration, together with the earlier cash dividend of 15% paid in 2013, brings the total payout for the year to 20% and maintains the Bank’s unbroken payout record since its date of listing on the Stock Exchange.
The Bank’s Deposits increased by 26% to Rs 290 billion in 2013 while its financing portfolio grew by 44% to Rs 128 billion. The Bank’s growth in both Deposits and financings has far exceeded that of the industry which was 12.7% and 5.6% respectively. Furthermore, the non funded business which primarily includes import and export crossed Rs 300 billion.
The Bank opened 41 branches in 2013, bringing its branch network to 351 branches in 103 cities across Pakistan and is now the country’s 8th largest bank in terms of branch network.
During the year 2013, the JCR-VIS Credit Rating Company Limited, an affiliate of Japan Credit Rating Agency, Japan has upgraded the Bank’s long-term entity rating to AA (Double A) from AA- (Double A minus). The Bank’s short term rating is A1+ (A One Plus) which is the highest short term rating. The outlook of the Bank is considered “stable”. The rating indicates sound performance indicators of the Bank.
Meezan Bank has been consistently recognised as the “Best Islamic bank in Pakistan” by numerous local and international institutions including CFA Society – Pakistan, Asiamoney magazine – Hong Kong, Islamic Finance News – REDmoney group, Malaysia, Global Finance magazine, New York, Asset AAA - Hong Kong. The Bank has also received “Best Research and Development in Islamic Finance 2013” award by Global Islamic Finance Awards (GIFA), London.
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