The bank’s financial results for the three months ended March 31, 2023, have been approved by the board of directors of Meezan Bank Limited. The bank’s profit after tax climbed by 68 percent, from Rs. 9.2 billion to Rs. 15.4 billion in the same time last year, according to the financial figures. The first quarter of this year had the highest profit ever made by any bank in Pakistan.
Basic earnings per share grew from Rs. 5.14 per share in March 2022 to Rs. 8.62 per share. For the first quarter of 2023, the Board approved an interim cash dividend of Rs. 3 per share.
A significant amount more than the minimum regulatory requirement of 12.00 percent, the bank has a capital adequacy ratio of 18.15 percent. In terms of market capitalization, the bank is the most valuable bank in Pakistan out of all the listed banks.
One of the biggest banks in Pakistan in terms of deposits, Meezan Bank had 1.79 trillion rupees in deposits at the end of the day. While the current and savings account (CASA) deposits make up 88 percent of the overall deposits and total Rs. 1.6 trillion, they account for only 51 percent of the current account’s total deposits, or Rs. 918 billion.
With a market share of 25% of the total RDA inflows in the Pakistani banking sector, the bank also kept its top spot in Roshan Digital Accounts (RDA).
