Meezan Bank has displayed exceptional financial performance as they cross the benchmark of 1 trillion Rupees in total assets. Meezan bank has also shown a profit after tax of an outstanding 7 billion Rupees which shows a growth of 70% from last year. This growth is immense and signifies the fortification of financial infrastructure in Pakistan. This is a huge milestone for any bank to achieve and Meezan bank has outdone itself. To achieve something as significant as this is a huge achievement in itself but to attain this in the pandemic that we are going through right now where businesses and financial institutions around the world are seeing a major decline and bankruptcy is just extraordinary.
The bank has maintained a smooth payout record, ever since its listing on the Stock Exchange in the year 2000. The banks financing portfolio closed at 484 billion Rupees with an ADR of 57%. The NPL ratio and NPL coverage ratio stood at 1.60% and 130% and The deposits of the bank grew by 7% to reach 842 billion Rupees.
The total operating income of the bank was increased by 55%, primarily due to continuous focus on maintaining the higher volume of earning assets holdings and a rise in the asset shows an agreeable increase in target rate.
The bank’s return on deposits also recorded a double rise. This growth is primarily due to the increase in volumetric growth depositors’ profit rates and. Fees and commission income of the bank grew by 26% fundamentally due to an increase in the trade business amount handled by the bank and other branch’s banking-related income.
The operating expenses and other charges increased by 26%. This is due to the fact that the devaluation of Pakistani Rupee and an increase in costs associated with new branches. The rise in expenses was adequately absorbed by the growth in the bank’s income, resulting in an improvement in the income efficiency ratio by 11%. The bank added 18 new branches to its network during the half-year, which brought the total number of branches from 660 to 678 all across the country.
Usmani and Co would love to extend their warmest congratulation to Meezan bank and their fascinating and adamant financial decisions that have formed them into the financial giant that they are today. The grit and sheer determination to follow principal and advisory fused with their incredible and unrivaled services are one of the main reasons for their success and we hope to see an even bigger increase in their assets and profits in the long run. These are the financial institutions that bring a positive light to our country and show the world that we are evolving and growing into a great and prosperous nation.