Meezan Bank records 29% growth in profit

Meezan Bank, the largest Islamic Bank in Pakistan demonstrate good business results during the quarter ended March 31, 2010 and remains the leading Islamic Bank in Pakistan. Favorable business volume is attributable to Meezan Bank’s aggressive branch expansion strategy adopted since the last 4 years.

Gross core banking income before provisions and administrative expenses increased to Rs 1.8 billion compared to Rs 1.6 billion for the corresponding quarter last year. Profit after tax of the Bank increased to Rs. 364 million as compared to Rs. 283 million during the corresponding period last year reflecting an increase of 29%.

The Bank was also awarded ‘Best Islamic Bank of Pakistan’ for the fifth consecutive year in 2009 by Islamic Finance News, ‘Best Islamic Financial Institution in Pakistan’ in 2009 by Global Finance and ‘Best Islamic Bank in Pakistan’ for 2009 by ASIAMONEY.

Meezan Bank is currently operating with 201 branches in 54 cities.