Meezan Bank Limited, a Pakistan-based Islamic bank, has reported a significant increase in its profit after tax for the year 2022. According to the bank’s financial statements, its profit-after-tax grew by 59% to Rs 45 billion, compared to Rs 28.4 billion in the previous year.
The bank’s board of directors approved the financial statements, which were audited by KPMG Taseer Hadi & Co., and its consolidated financial statements for the year ended on December 31, 2022. The meeting was chaired by Riyadh S A A Edrees, chairman of the board, and Faisal A A A Al-Nassar, vice chairman of the board, was also present.
The board also approved a final cash dividend of Rs 3 per share for 2022, bringing the total cash dividend payout to Rs 8.50 (85%) per share. It includes the interim cash dividend of Rs 5.50 per share (55%), which was already paid for the nine months. In addition, Meezan Bank bank issued 10% bonus shares during the year.
The bank’s capital adequacy ratio was 18.42%, well above the minimum requirement of 12%. The bank’s deposits increased by 14% to Rs 1.66 trillion. The bank expanded its network by adding 60 new branches, bringing the total to 962 branches in 317 cities, with more than 1,000 ATMs.
The bank’s mobile banking app remains the highest-rated in the banking industry on both Google Play Store and App Store. The bank’s total assets crossed Rs 2.5 trillion, registering a growth of 35%. Its gross financings grew by 31%, crossing Rs 1 trillion, with the gross advances-to-deposits ratio (ADR) of 61%, up from 53% last year.
Finally, the bank remained the most valuable bank in Pakistan regarding market capitalization among all listed banks. The bank’s performance was impressive, and it continued to build on its strengths, enhancing customer experience through innovative products, digital services, and an extended branch network.
