Meezan Bank posts Rs995m profit

KARACHI: Meezan Bank Limited has registered 52 percent growth in profits for the nine months ending September, 2010, a bank statement said on Monday.

A meeting of the bank’s board of directors was held in Dubai, presided over by its Chairman, Sheikh Ebrahim Bin Khalifa Al Khalifa.


The profit of the bank soared to Rs995 million against Rs654 million during the corresponding period last year. The earnings per share also increased to Rs1.42 while total assets surpassed Rs143 billion. The growth became possible due to the increase in the bank’s branch network, resulting in 19 percent growth in deposits.

The bank established a network of 204 branches in 54 cities within a short span of eight years. It plans to open 18 more branches by the last quarter of 2010.

Meezan Bank accounts for approximately 50 percent of the market share of Islamic banks in Pakistan, a sector that is growing rapidly, the statement said.