Meezan Bank Profit Soars by 68% to Rs. 15.4 Billion in Q1

The Board of Directors of Meezan Bank Limited has approved the financial statements of the bank for the quarter ended March 31, 2023.

According to the financial results, the bank’s profit after tax increased to Rs. 15.4 billion from Rs. 9.2 billion in the corresponding period last year, registering a growth of 68 percent. This is an all-time high profit made by any bank in Pakistan in the first quarter.

The basic earnings per share increased to Rs. 8.62 per share from Rs. 5.14 per share in March 2022. The Board approved Rs. 3 per share interim cash dividend for the first quarter of 2023.

The bank has Capital Adequacy Ratio of 18.15 percent, significantly above the minimum regulatory requirement of 12.00 percent. The bank is the most valuable bank in Pakistan, in terms of market capitalization, among all the listed banks.

Meezan Bank is one of the largest banks in Pakistan in terms of deposits, which closed at Rs. 1.79 trillion. Current account contributed to 51 percent of its total deposits, amounting to Rs. 918 billion while the current and savings account (CASA) deposits represent 88 percent of total deposits, amounting to Rs. 1.6 trillion.

The bank also maintained its leadership position in Roshan Digital Account (RDA) with a market share of 25 percent in terms of the total RDA inflows in the banking industry of Pakistan.