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our correspondent
Tuesday, February 21, 2012
From Print Edition
 
 

 

KARACHI: The annual profit-after-tax of Meezan Bank has surged by 106 percent to Rs3.4 billion against Rs1.6 billion in 2010, an official said on Monday.

 

The earning per share also increased to Rs4.22 from 2.05 recorded last year, he said. This was disclosed by Sheikh Ebrahim Bin Khalifa Al Khalifa, Chairman, Meezan Bank, during the announcement of the financial results for 2011 at a press conference.

 

The board of directors of the bank met a day earlier to approve the financial statement. The chairman said that the bank would complete its 10 years of Islamic banking operation this year.

 

“The bank has achieved growth in all business segments and maintained its position as the leading Islamic bank in Pakistan,” he said. Sheikh Ebrahim Bin Khalifa Al Khalifa appreciated the role of the government, the regulator (State Bank of Pakistan) and the depositors to make Meezan Bank a success story.

 

He expressed hope that the branch network of the bank would expand to 300 by the first quarter of 2012. To a query about agri financing, he said, Pakistan is blessed with huge plain land and vast water reservoir, which provide opportunity for financing.

 

Ariful Islam, Chief Operating Officer, Meezan Bank, said that the bank is in talks with the finance minister for lead arrangement of term finance certificates (TFCs) worth Rs15 billion out of Rs150 billion to minimise the circular debt issue.

 

Earlier, Irfan Siddiqui, President and CEO, Meezan Bank, unveiled the financial results for 2011 and said that the board recommended the issue of 12.5 percent bonus shares for the year. This declaration, together with the earlier cash dividend of 10 percent paid in July 2011, brings the total payout for the year to 22.5 percent and maintains the bank’s unbroken payout record since its date of listing on the stock exchange, he said.

 

The bonus issue will increase the bank’s paid-up capital to Rs9 billion and the bank will meet the SBP’s minimum capital requirement for 2012 of Rs9 billion per annum in advance, he said. The bank’s deposit growth is a result of the rapidly growing demand for Islamic financial products, which is a clear indication of increasing public confidence in the Islamic banking, he said. Meezan Bank opened 53 branches in 2011, bringing its online branch network to 275 branches spread across 83 cities, making it the ninth largest banking network in Pakistan.