Meezan Bank announces Financial Results for the Year 2020
Karachi: The Board of Directors of Meezan Bank Limited in its meeting, held on February 18, 2021 approved the audited financial statements of the Bank for the year ended December 31, 2020. The meeting was presided 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 recorded excellent results for the year ended on December 31, 2020 with Profit after tax of Rs 22.17 billion as compared to Rs 15.23 billion in the corresponding period last year – an impressive growth of 46%. EPS of the Bank increased to Rs 15.67 per share against Rs 10.77 per share in December 2019 on the enhanced capital of Rs 14.147 billion The Board approved 20% (Rs 2.00 per share) final cash dividend for the year, bringing the total payout for the year to 60% (Rs 6.00 per share) as 40 % (Rs 4.00 per share) interim cash dividend was paid in addition to 10% bonus shares issued during the year.
Deposits of the Bank closed at Rs 1.25 trillion – 35% up from December 2019. Meezan Bank is now the fifth largest bank in Pakistan in terms of deposits. The Bank has a network of 815 branches and 880 ATMs in 248 cities across the country and its Mobile Banking App has been consistently ranked as the No.1 Mobile Banking App in Pakistan by both Apple Store and Google Play Store.
Meezan Bank has recently been recognized as the Best Bank in Pakistan at the Pakistan Banking Awards – the most prestigious recognition in Pakistan’s banking sector. The Bank was also recognized by the CFA Society of Pakistan as Best Bank of the Year 2019 in the Large Sized Banks category at its Annual Excellence Awards ceremony held in October 2020.
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