Meezan Bank announces Financial Results for 2022
KARACHI ( Web News )
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.
The Bank’s profit after tax for the year 2022 increased to Rs 45.0 billion compared to Rs 28.4 billion last year- a 59% growth. 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 share as Rs 5.50 per share i.e., 55% interim cash dividend was already paid for the nine -month period. This is in addition to 10% bonus shares issued during the year. The Bank remains adequately capitalised with Capital Adequacy Ratio of 18.42% – well above minimum requirement of 12.00%.
Deposits of the Bank grew by 14% 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.
Total assets of the Bank crossed Rs 2.5 trillion, registering a 35% growth. Its Gross financings grew by 31%, crossing Rs 1 trillion with Gross Advances to Deposits Ratio (ADR) of 61% vs 53% last year.
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.