Meezan Bank is all about increased profits and successful growth! With a phenomenal profit before tax record of Rs. 4.114 billion which was Rs. 3.950 billion in the previous year, the bank has proved to be a vital asset driving customer needs to the maximum, keeping up to remain the best bank of Pakistan.
In the recent Meezan Bank’s meeting of Board of Directors held in Dubai, the bank issued the unconsolidated and approved interim financial statements of the nine operating months. Not just this, the bank also gave its consolidated statements for the same period revealing the profiting information, as of 30th September, 2016.
The news limelight is yet to come. The Shariah-compliant sub ordinated Sukuk’s issue was the most amazing thing that happened in the quarter, becoming a fabulous milestone for the bank amounting Rs. 7 billion. This will put an effect on the adequacy ratio of Bank’s capital by strengthening it as well as supporting to its continuous growth. This being a great thing to happen, impacted investors who gave a favorable response to make the bank opt for the green shoe option and receive the offer of 7 billion, a target more than initial of 4 billion. Furthermore, the bank was successful in giving out the Sukuk at a very attractive price which was under the umbrella of Mudarabah. This depicts the stronghold of the value of the bank.
As per the JCR-VIS Credit Rating Company Ltd, the Sukuk has been given the rating of AA- (Double A-). Whereas the CAR of the bank remains at comfy stand of 14.9% which in 2015 was 11%. Going to the asset base, Meezan Bank was able to grow the Islamic and related assets by 43%. Furthermore, the SME and consumer financing including Ijarah increased by 107% as compared to the last year.
Overall the bank has been able to maintain the position as being the most successful Islamic Bank of Pakistan with a branching network of 551 branches spread in 143 cities.