KARACHI: Meezan Bank Limited on Thursday announced Rs45 billion as profit after tax for the year ended December 31, 2022.
The profit has surged by 59 per cent when compared with Rs28.4 billion in the preceding year.
The Board of Directors of Meezan Bank, approved the financial statements of the bank and its consolidated financial statements for the year ended December 31, 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.
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The board has approved Rs 3 per share final cash dividend for the year 2022. This brings the total cash dividend payout for the year 2022 to Rs 8.50 (85 per cent) per share as Rs 5.50 per share i.e., 55 per cent interim cash dividend was already paid for the nine -month period. This is in addition to 10 per cent bonus shares issued during the year. The Bank remains adequately capitalised with Capital Adequacy Ratio of 18.42 per cent – well above minimum requirement of 12.00 per cent.
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Deposits of the Bank grew by 14 per cent to Rs 1.66 trillion. The Bank added 60 new branches to its network bringing the total to 962 branches in 317 cities along with more than 1,000 ATMs. 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.
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Total assets of the Bank crossed Rs 2.5 trillion, registering a 35 per cent growth. Its Gross financings grew by 31 per cent, crossing Rs 1 trillion with Gross Advances to Deposits Ratio (ADR) of 61 per cent vs 53 per cent last year.
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Meezan Bank remained the most valuable bank in Pakistan in terms of market capitalization amongst all the listed banks. The Bank has entity ratings at ‘AAA/A-1+’ (Triple A/ A-One Plus) which denotes the highest credit quality with negligible risk factors with Stable outlook assigned by VIS Credit Rating Company Limited.