Meezan Bank announces 1Q PAT of Rs 6.1b, up 11pc

KARACHI: The Board of Directors of Meezan Bank Limited in its meeting, held at Karachi and approved the unaudited financial statements of the Bank for the quarter ended March 31, 2021. The meeting was presided by Mr. Riyadh SAA Edrees, Chairman of the Board, Faisal 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.