Meezan Bank profit up 19pc in H1

KARACHI: Meezan Bank posted profit-after-tax of Rs2.67 billion for the half year ended June 30, 2015 as compared to Rs2.25 billion it earned during the same period last year, depicting a growth of 19 percent, according to financial results sent to Karachi Stock Exchange on Tuesday.
The earnings per share of the bank remained Rs2.67 as against Rs 2.25 in the corresponding period of 2014. The bank’s deposits increased by 14 percent to Rs435 billion in the first half of this calendar year. Meanwhile, the bank in a press release said that as a result of the strong profitability, the board of directors approved an interim cash dividend of Rs1.75 per share for the shareholders.
In June 2015, Meezan Bank entered into an agreement with HSBC Bank Oman S.A.O.G (HBON) to acquire HBON’s banking business comprising of a single branch in Pakistan through a process of amalgamation.