Meezan Bank profit after tax for the year 2023 stood at Rs 84.5 billion.

The Board of Directors of Meezan Bank has approved the Bank’s financial statements and its consolidated financial statements for the year ended December 31, 2023. The meeting was chaired by Mr Riyadh S.A.A. Edrees – Chairman of the Board, and Mr Faisal A. A. A. Al – Nassar – Vice Chairman of the Board, was also present.

The Bank’s profit after tax for 2023 stood at Rs 84.5 billion. The Board approved Rs 8 (80%) per share as the final cash dividend for the year 2023. This brings the total cash dividend payout for 2023 to Rs 20 (200%) per share as Rs 12 per share, i.e., 120% of the interim cash dividend was already paid for the nine months. The Bank remains adequately capitalized with a healthy Capital Adequacy Ratio of 22.39%, significantly exceeding the minimum requirement of 11.50%.

The Bank’s deposits increased by 34% to Rs. 2.2 trillion. The Bank’s branch network increased to 1004 branches in 334 cities and over 1,000 ATMs. The Bank is continuously growing its branch network to make Islamic banking accessible to every citizen of Pakistan. The Bank also maintains leadership in digital transactions, with over 275 million financial transactions processed through its mobile app. Meezan Bank’s Mobile Banking App retains its position as the highest-rated app in the banking industry on both Google Play Store and Apple App Store. During 2023, the remittances under Roshan Digital Accounts (RDA) exceeded $1.8 billion, representing a substantial market share of 26%, positioning Meezan Bank as the preferred banking partner for overseas Pakistanis.

Total assets surpassed Rs 3 trillion, and the Bank’s investment portfolio registered 23% growth. Advances to Deposits Ratio of the Bank stood at 45%.