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Tag: Meezan Bank Limited

  • Meezan Bank, Retailo sign agreement to finance youth

    Meezan Bank, Retailo sign agreement to finance youth

    KARACHI: Meezan Bank has signed a partnership with Retailo, the fastest-growing B2B startup in the MENAP region.

    The partnership is aimed at providing deserving retailers Kamyab Jawan financing in a Shariah-compliant manner to expand and support their small businesses.

    The MoU was signed by Group Head Consumer Finance Meezan Bank, Arshad Majeed, and Wahaj Ahmed, Retailo’s co-founder along with their teams.

    This financing is sourced from Prime Minister Mr. Imran Khan’s ‘Kamyab Jawan – Youth Entrepreneurship Scheme (YES)’ which is targeting young entrepreneurs and existing businesses. It will provide subsidized financing through 21 Commercial, Islamic, and SME banks under the guidance and supervision of the State Bank of Pakistan.

    Through this scheme, the Government of Pakistan aims to increase the contribution of aspiring entrepreneurs to the economy and remove obstacles from their path of progress by providing financial backing.

    This partnership between Meezan and Retailo will provide much-needed Shariah-compliant financial support to empower small business enterprises and unlock their full earning potential.

    As Retailo expands its operations, it is looking for more opportunities to help retailers achieve their full potential. Regarding the partnership with Meezan Bank, Retailo’s co-founder Mr. Wahaj Ahmed said, “The retail sector has vast potential to improve Pakistan’s economy. Through Retailo’s high-powered app and simplified supply chains, we are aiming to play a key role in national progress. By partnering with Meezan Bank to provide retailers with the much-needed support, we wish to make a difference in their lives on a more personal level.”

    Commenting on the occasion, Arshad Majeed, Meezan Bank’s Group Head Consumer Finance said, “Meezan Bank is always ready to fulfill its role as the bank of choice and create real value for our customers. Providing growth capital to the retail sector and SMEs will create an equitable economic system and elevate livelihoods for a sector that has tremendous untapped potential.”

  • Meezan Bank launches second vaccination center

    Meezan Bank launches second vaccination center

    KARACHI: Meezan Bank Limited, in collaboration with the Sindh government and DHA Karachi, has launched second COVID-19 drive-through vaccination centre.

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  • Meezan Bank declares Rs12.6 billion net profit in 1HCY21

    Meezan Bank declares Rs12.6 billion net profit in 1HCY21

    KARACHI: Meezan Bank Limited has reported a significant increase in its net profit, reaching Rs 12.6 billion for the first half of the calendar year 2021 (January–June). This reflects an 8% growth compared to the Rs 11.7 billion net profit recorded during the same period last year, according to the bank’s financial results announced on Thursday.

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  • Meezan Bank launches COVID vaccination center

    Meezan Bank launches COVID vaccination center

    KARACHI: Meezan Bank Limited, Pakistan’s leading Islamic bank, on Saturday launched Pakistan’s largest drive-through COVID vaccination center.

    The bank launched the vaccination center in collaboration with the Sindh government in Karachi.

    The Facility is situated at central location of Karachi in Gulberg Town at Afghan Ground, Block 19, F.B. Area, opposite Afroze Textile and adjacent Happy Palace School.

    The Vaccination Centre was inaugurated today by Barrister Murtaza Wahab – Spokesperson Government of Sindh & Administrator Karachi which was personally overseen by the Bank’s Founding President & CEO – Irfan Siddiqui.

    Also present at the occasion was Taha Saleem – Deputy Commissioner, Central Karachi and the Bank’s Senior Management including Muhammad Raza – Group Head, Customer Support and Riaz Ahmed – Head Administration, among others.

    With a total of twenty-four booths operating from 4:00pm to 12:00am, the facility will operate seven days a week, providing thousands of adults a safer way of getting vaccinated while observing social distancing rules.

  • Meezan Bank’s credit rating upgraded

    Meezan Bank’s credit rating upgraded

    KARACHI: VIS Credit Rating Company Limited has upgraded the entity ratings of Meezan Bank Limited (MEBL) to ‘AAA/A-1+’ (Triple A/ A-One Plus) from ‘AA+/A-1+’ (Double A Plus/ A-One Plus).

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  • Meezan Bank declares Rs6.1 billion profit after tax for first quarter

    Meezan Bank declares Rs6.1 billion profit after tax for first quarter

    KARACHI: Meezan Bank Limited, which is providing Sharia compliant banking and financing in Pakistan, on Tuesday declared Rs6.1 billion after tax profit for the quarter ended March 31, 2021.

    The net profit of the bank increased by 11 percent during the first quarter (January – March) 2021 when compared with the net profit of Rs5.5 billion in the corresponding period of the last fiscal year.

    According to the financial results of the bank, the profit/return earned on Islamic financing and related assets, investment and placements fell to Rs24.23 billion during first three months of the calendar year 2021 as compared with Rs29.83 billion in the corresponding months of the last year.

    Similarly, profit on deposits and other dues expensed also reduced to Rs9.17 billion during the period under review as compared with Rs15.11 billion in the corresponding period of the last year.

    However, the bank recorded 61 percent growth in fee and commission income to Rs2.06 billion for the quarter ended March 31, 2021 as compared with Rs1.28 billion in the same quarter of the last year.

    Total income of the income for the quarter under review increased to Rs18.61 billion as compared with Rs17.91 billion in the corresponding quarter of the last year.

    The operating expenses of the bank increased to Rs7.83 billion during January – March of 2021 as compared with Rs6.8 billion in the same period of the last year.

    Meezan Bank declared Rs4.31 as earnings per share (EPS) for the quarter ended March 31, 2021 as compared with Rs3.89 in the same quarter of the last year.

  • Meezan Bank, Master Group sign agreement for online solution

    Meezan Bank, Master Group sign agreement for online solution

    KARACHI: Meezan Bank Limited and Master Group have signed an agreement for the online banking solution, a statement said on Monday.

    According to the agreement that was signed recently, Meezan Bank, through the provision of its state-of-the-art online banking solution, named eBiz+, will enable Master Group to fully automate its customer collections and supplier payments, catering to every client’s needs with a configurable and intelligent platform.

    The partnership will focus on creating value for Master Group by serving as an end-to-end transaction banking ecosystem based around an array of services covering working capital cycle, standardized reporting, greater safety and efficiency as well as world-class cyber security – all in one place, via eBiz+ – an integrated solution.

    The agreement was signed by Abdullah Ahmed – Group Head, Corporate & Institutional Banking, Meezan Bank and Shahzad Malik – Managing Director, Master Group.

    Also present at the occasion were Senior Executives of both organizations including Saqib Ashraf – Head of Transaction Banking, Meezan Bank, Amir Mushtaq Butt – Director Finance, Master Group and others.

    Abdullah Ahmed, while speaking at the occasion said: “As Pakistan’s leading Islamic bank, Meezan Bank has sophisticated Transaction Banking services including cash management.

    “We are thrilled to partner with Master Group as a trusted collaborator to automate their business/banking processes while ensuring operational integrity resulting in business efficiency with utmost security.”

    Meezan Bank is capitalizing on the strong trend in the banking industry towards digital banking with more and more clients preferring more specific internet banking solutions. Shahzad Malik commended the Bank for bringing forth operational efficiency in its payments & collection process.

  • SBP imposes Rs93.23 million penalty on Meezan Bank

    SBP imposes Rs93.23 million penalty on Meezan Bank

    KARACHI: State Bank of Pakistan (SBP) has imposed an amount of Rs93.23 million as penalty on Meezan Bank Limited during the year 2020, according to annual financial results of the bank.

    The bank in its annual financial results for period ended December 31, 2020 said that it had paid Rs93.23 million to the SBP for violation of various regulatory provisions.

    The total monetary penalty on the bank imposed by the SBP reached to Rs175.5 million in past two financial years.

    The central bank imposed Rs82.27 million as penalty on the bank during the year 2019.

  • Meezan Bank declares Rs22.16 billion after tax profit

    Meezan Bank declares Rs22.16 billion after tax profit

    KARACHI: Meezan Bank Limited (MBL) on Thursday announced Rs22.16 billion profit after tax for the year ended December 31, 2020.

    The bank registered 45.5 percent increase in profit for the year when compared with profit of Rs15.23 billion in the preceding year.

    The bank said profit/return earned from Islamic financing and related assets, investment and placements increased to Rs106.59 billion for the year ended December 30, 2020 when compared with Rs94.27 billion in the preceding year.

    The bank’s net spread earned increased to Rs64.85 billion for year under review as compared with Rs46.54 billion in the preceding year.

    The bank said that gain on securities increased to Rs683 million when compared with previous year’s loss of Rs417.6 million

    Total income of the bank increased to Rs74.9 billion when compared with Rs55.86 billion.

    Operating expenses of the bank increased to Rs28.8 billion for the year ended December 31, 2020 when compared with Rs24.83 billion in the preceding year.

    The bank declared earnings per share at Rs15.67 for the year as compared with Rs10.77 in the last year.

  • Meezan Bank declares healthy profit of 65 percent in nine months

    Meezan Bank declares healthy profit of 65 percent in nine months

    KARACHI: Meezan Bank Limited on Tuesday announced healthy profit of 65 percent for nine-month period ended September 30, 2020.

    According to financial results submitted to Pakistan Stock Exchange (PSX), the bank declared profit after tax of Rs18 billion for the nine-month period ended September 30, 2020 as compared with Rs10.94 billion in the corresponding period of the last year.

    The bank also declared earnings per share of Rs12.78 for the period under review as compared with Rs7.73 in the corresponding period of the last year.

    Total income of the bank registered 43 percent increase to Rs56.92 billion during the period as compared with Rs39.88 billion in the same period of the last year.

    Operating expenses of the bank grew by 22.43 percent to Rs21.88 billion for the period ended September 2020 as compared with Rs17.87 billion in the same period of the last year.

    The gross profit of the bank witnessed a growth of 58 percent to Rs30 billion for the nine-month period as compared with Rs19 billion in the same period of the last year.

    Alongside result, the bank announced a cash dividend of Rs4.0 share.

    Analysts at Topline said that the result came in higher than our expectations due to lower than expected profit expensed on deposits, which is most likely driven by continued focus on Current Account growth and possible re-pricing of maturing Term Deposits.

    Profit earned on assets depicted a decline of 9 percent Quarter on Quarter (QoQ). Along with lower interest rates, 1 percent QoQ decline in industry loans amidst slowdown in economic activity has been the cause of the decline.

    Profit expensed on deposits substantially declined by 22 percent QoQ amidst re-pricing of liabilities to lower interest/profit rates, where non applicability of Minimum Deposit Rate (MDR) on Islamic banks would have also contributed.

    As a result, Net Spread Earned declined by just 1 percent QoQ.

    Other Income showed resurgence with a jump of 17 percent QoQ driven by increase in Fee Income growth of 49 percent QoQ as branch operation resumed after lifting of COVID-19 lockdown.

    Despite the branch expansion strategy, other expenses were kept in check (down 0.1 percent QoQ). Cost to Income for the quarter stood at 40 percent.