Meezan Bank Joins The Rs. 2 Trillion Assets Club

Meezan Bank has achieved the landmark of Rs. 2 trillion in terms of the value of its assets, becoming only the sixth bank in Pakistan’s banking industry to have surpassed this level.

According to a quarterly report, the overall assets of the Islamic bank increased to Rs. 2.1 trillion by end of March 2022 from the previous level of Rs. 1.90 trillion reported by the end of 2021.

Habib Bank Limited leads the exclusive two trillion club with assets value of Rs. 4.3 trillion. The other banks include the National Bank of Pakistan with assets value of Rs. 3.7 trillion, United Bank Limited with Rs. 2.3 trillion, and MCB Bank with Rs. 2 trillion.

Allied Bank Limited had also touched the mark of Rs. 2 trillion by end of 2021, but the value of its assets declined to Rs. 1.9 trillion by end of March 2022.

The year 2022 has been very exceptional for Meezan Bank, as it reported handsome profit growth of 51 percent in the first quarter which stood at Rs. 9.2 billion. The bank mobilized deposits of Rs. 1.45 trillion. The investment of the bank stood at Rs. 920 million, whereas financing stood at Rs. 758 million by the end of March 2022.

The bank has been very aggressive in investment in Sukuks whereas its penetration through the branch network has also witnessed an extraordinary growth trend. During the current year, the bank has left behind many old names, particularly in terms of profitability and other indicators of the balance sheet with its consistent performance.