Pakistan: Meezan Bank records 47percent growth in profit in third quarter

Click here: Paktribune.com – Meezan Bank records 47percent growth in profit in third quarter

Meezan Bank Limited has posted 47% growth in its Post-tax profit for the third quarter ending on 30th September 2007. The post-tax profit remained Rs 654 million compared to Rs 444 million in the corresponding nine months last year.According to report issued on Wednesday income from core banking business has also increased by 69%, maintaining the healthy trend of decreasing dependency to volatile non-banking income. Earnings per Share (EPS) for the nine months increased to Rs 1.73 as compared to Rs 1.42 in corresponding period last year.

The performance of the Bank during the period has been outstanding with significant growth in all areas of its business activities especially deposits, that grew by 75% over the corresponding period last year. Despite the fast growth, the Bank adopted cautious and prudent financing policies and as a result maintained non-performing accounts at approximately 1.5% of the total financing portfolio which is amongst the lowest in the banking industry. This excellent asset quality is maintained across all business segments including the consumer financing business.

…Meezan Bank’s mission is to provide its customers dedicated and pure Islamic Banking facilities with the greatest of convenience and personalized service with real time online branches in all major cities of the country.

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