Meezan Bank posts 59 per cent growth in annual profit to Rs45 billion

KARACHI: The Meezan Bank Limited’s profit-after-tax for the year 2022 increased to Rs 45 billion, compared with Rs28.4 billion last year, showing a growth of 59 per cent.

The board of directors of the bank approved the financial statements and its consolidated financial statements for the year ended December 31, 2022. The meeting was chaired by Riyadh S A A Edrees, chairman of the board, while Faisal A A A Al-Nassar, vice chairman of the board, was also present on the occasion.

The board approved Rs 3/share final cash dividend for the year 2022. This brings the total cash dividend payout for the year 2022 to Rs8.50 (85 per cent)/share, as Rs5.50/share, i.e., 55 per cent interim cash dividend was already paid for the nine-month period. This is in addition to the 10 per cent bonus shares issued during the year.

The bank remains adequately capitalised with the capital adequacy ratio of 18.42 per cent — well above the minimum requirement of 12 per cent.

The bank deposits grew 14 per cent to Rs1.66 trillion. The bank added 60 new branches to its network, bringing the total to 962 branches in 317 cities along with more than 1,000 ATMs.

The bank’s mobile banking app remains the highest-rated in the banking industry on both Google Play Store and Apple App Store.

The total assets of the bank crossed Rs2.5 trillion, registering a 35 per cent growth. Its gross financings grew 31 per cent, crossing Rs1 trillion with the gross advances-to-deposits ratio (ADR) of 61 per cent against 53 per cent last year.

The Meezan Bank remained the most valuable bank in Pakistan in terms of market capitalisation among all the listed banks.

It has the entity ratings of ‘AAA/A-1+’ (Triple A/A-One Plus), which denotes the highest credit quality with negligible risk factors with Stable Outlook assigned by VIS Credit Rating Company Limited.

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