The Board of Directors of Meezan Bank, in its 100th Board meeting held on October 19th, 2022 approved the financial statements of the Bank for the nine months period ended September 30, 2022. The meeting was chaired 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.
On this occasion, the Bank’s Shariah Board comprising of Chairman Shariah Board, Justice (Retd) Mufti Muhammad Taqi Usmani, Vice Chairman – Dr. Muhammad Imran Ashraf Usmani, Member Board – Sheikh Esam Mohamed Ishaq and Resident Shariah Board Member – Mufti Muhammad Naveed Alam also met the Board of Directors of the Bank and discussed various matters.
The Board has approved interim cash dividend of Rs 2.00 per share (20%) for the third quarter. This brings the total cash dividend payout for the nine months to Rs 5.50 (55%) per share along with 10% bonus shares. The Bank’s profit after tax increased to Rs 28.6 billion compared to Rs 19.6 billion in the corresponding period last year, reflecting a 46% growth. The Bank remains well-capitalised with Capital Adequacy Ratio of 19.11% – well above minimum requirement of 12.50%.
Total deposits of the Bank grew year-on-year by 23% to Rs 1.66 trillion. The Bank expanded its geographical presence to 940 branches in more than 307 cities along with 1,000 plus ATMs during the nine months period. The Bank’s Mobile Banking App remains the highest-rated Mobile App in the banking industry on both Google Play Store and Apple App Store.
Total assets of the Bank crossed Rs 2.5 trillion, registering a 44% growth over September, 2021. The Bank’s non-performing financing ratio remained at an exemplary level of 1.5%. The Bank maintains a comfortable level of provisions against its non-performing financings with a coverage ratio of 154% – one of the highest in the banking industry. Gross financings registered a 40% growth from September, 2021 closing at Rs 873 billion with Gross Advances to Deposits Ratio (ADR) of 53%. During the nine months period, the Bank made additional general provision of Rs 1.75 billion against any potential non-performing financings in view of the current economic slowdown and recent unprecedented floods.
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