Meezan Bank announces financial results

LAHORE (Staff Reporter): The Board of Directors of Meezan Bank has approved the audited unconsolidated financial statements of the bank and its audited consolidated financial statements for the year ended on December 31, 2016. The financial results were declared in the meeting presided by Board Chairman Riyadh SAA Edrees and Board Vice Chairman Faisal AAA Al-Nassar also attended the meeting. Meezan Bank has continued its growth momentum and recorded good results for the year 2016. Its profit after tax increased to Rs5,562 million as compared to Rs 5,023 million last year, a growth of 11 percent even in the backdrop of lower interest rates and despite intense competition in the banking industry. The bank recorded Earnings per Share (EPS) of Rs5.55. The Board recommended the final cash dividend of Rs1.25 per share (12.5%) for the year 2016. This declaration, together with the earlier interim cash dividend of 17.5 percent paid in the third quarter of 2016, brings the total payout for the year to Rs3 per share (30%).

The Bank has maintained its unbroken payout record since the date of listing on the Stock Exchange.

Published in The Nation, February 17^th, 2017.