In the Board meeting held on Feb 11, 2011 the Board of Directors of Meezan Bank Ltd, have approved the annual audited accounts for the year ended 31, 2010. The Board also declared 15% bonus shares for its shareholders for 2010. This will raise the paid up capital to the level of 8 billion rupees against the minimum capital requirement of 7 billion rupees by SBP. This will help in meeting the schedule capital requirement of SBP one year ahead of schedule.
The Bank’s profit has reached to the level of 1,650 million as compared to the previous profit of 1,025 million. Earnings per Share (EPS) for the current year are Rs 2.36 per share as compared to previous Rs 1.62.
The Chairman of the Group, His Excellency Shaikh Ebrahim Bin Khalifa Al-Khalifa, who is also the minister in the State of Bahrain, said that the bank has shown an excellent performance. The Deposit base has grown by 31% from 100 billion rupees to 131 billion rupees. This growth in deposit can rightfully be attributed to the branch expansion plan initiated in 2008, and also to the effective sales strategy. The Bank’s investment level has reached to rupees 55 billion in Dec, 2010; mainly due to the investment in Government Securities. The Bank opened 21 new branches during 2010 and now operates with a network of 222 branches spread across 63 cities of Pakistan.
The Meezan bank offers a wide range of Islamic banking products and services, free online banking services at all its branches. The bank’s retail network is also supported by 24/7 Atm service, Internet Banking, Visa Debit Card and 24 hours call center. The Bank’s VISA Debit card allows its customers to shop at more than 30 million merchants worldwide and withdraw funds from their accounts from more than 1.4 million ATM’s worldwide.