Meezan bank earns Rs. 4.570bn profit

06:20 PM | 19 Feb, 2015
Meezan bank earns Rs. 4.570bn profit
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KARACHI (Web Desk) - Meezan Bank Limited has achieved significant growth in all business segments during 2014 and earned profit-after-tax of Rs 4.570 billion compared to Rs. 3.957 billion recorded last year.

The Earning per share (EPS) increased to Rs 4.56 from Rs. 3.95. The board of directors in its meeting held at Karachi on Thursday approved the financial statements of the bank for the year ended December 31, 2014.

The meeting was presided by H E Sheikh Ebrahim Bin Khalifa Al-Khalifa, Chairman of the Board. Vice Chairman of the Board Mr. Riyadh S A A. Edrees also attended the meeting.

The Board recommended distribution of 12.5% final cash dividend for the year 2014. This declaration, together with the earlier cash dividend of 15% paid in 2014, brings the total payout for the year to 27.5% and maintains the Bank’s unbroken payout record since its date of listing on the Stock Exchange.

The Bank’s Deposits increased by 31% to Rs. 380 billion in 2014 while its financing portfolio grew by 38% to Rs. 176 billion. The Bank’s growth in both deposits and financing has far exceeded that of the industry which was 11% and 10% respectively.

Furthermore, the non-funded business, which primarily includes Imports and exports, crossed Rs. 375 billion.

A significant achievement during the year was the successful acquisition of Pakistan operations of HSBC Bank, a leading international bank, adding 10 branches to the bank’s network. All assets and liabilities of In 2014, Meezan Bank’s branch network grew from 351 branches in 103 cities to 428 branches in 117 cities, after opening 67 new branches and acquiring 10 branches from HSBC.