Home Business & Finance Meezan Bank announces financial results for first quarter of 2021

Meezan Bank announces financial results for first quarter of 2021

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The Board of Directors of Meezan Bank Limited in its meeting, held at Karachi on April 20, 2021 approved the unaudited financial statements of the Bank for the quarter ended March 31, 2021. The meeting was presided by Mr. Riyadh S.A. A. Edrees – Chairman of the Board, Mr. Faisal A. A. A. Al – Nassar – Vice Chairman of the Board was also present.

The Bank recorded excellent results for the quarter ended March 31, 2021 with profit after tax of Rs 6.1 billion – 11% up from corresponding period last year. EPS of the Bank increased to Rs 4.31 per share from Rs 3.89 per share in March 2020. The Board approved 15% (Rs 1.5 per share) interim cash dividend for the first quarter of 2021.

Deposits of the Bank closed at Rs 1.25 trillion with CASA ratio of 79% as compared to 76% on December 31, 2020. Meezan is the 5th largest bank in Pakistan in terms of deposits. During the quarter, the Bank opened 10 new branches bringing its geographical network to 825 branches in 255 cities and a network of 906 ATMs (2020: 880 ATMs) across the country. The Bank’s Mobile Banking App has been consistently ranked as the No.1 Mobile Banking App in Pakistan by both Apple Store and Google Play Store.

With a diversified product portfolio, the Bank is well-positioned to cater all financing needs of its customers within the bounds of Shariah. The Bank has a well-diversified assets portfolio comprising Corporate and SME customers and is among the market leaders in the consumer financing sector.

Meezan Bank has been recognized as the Best Bank in Pakistan at the Pakistan Banking Awards – the most prestigious recognition in Pakistan’s banking sector. The Bank has also been recognized as globally the Best Islamic Bank by Islamic Finance News (IFN) of Redmoney Group, Malaysia as well as the Most Innovative Islamic Bank globally. All these prestigious awards highlight the Bank’s position of excellence in the Banking industry

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