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Meezan Bank, Pakistan’s leading Islamic bank, has announced record-breaking profit after tax (PAT) for the year ended December 31, 2023. The Meezan Bank Profit After Tax 2023 surged to an impressive Rs 84.5 billion, reflecting a remarkable 91.4% increase compared to the previous year. This exceptional performance solidifies Meezan Bank’s position as a dominant force in the Pakistani financial sector and underscores its commitment to providing innovative and ethical Islamic banking solutions.
Profit Surge: 91.4% Increase in Profit After Tax
The significant profit growth was driven by several factors, including:
- Further growth in deposits: Deposits increased by 34% to Rs 2.2 trillion, reflecting growing customer confidence in Meezan Bank.
- Increased fee income: Fee income grew significantly due to rising demand for innovative Islamic banking products and services.
- Strong investment returns: The bank’s investment portfolio saw a 23% increase, contributing to overall profitability.
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Expansion and Growth: Branch Network Expansion and Technological Innovation
Meezan Bank remains committed to expanding its reach and making Islamic banking accessible to everyone in Pakistan. During 2023, the bank:
- Expanded its branch network to 1,004 branches across 334 cities, along with over 1,000 ATMs.
- Maintained its leadership in digital transactions, with over 275 million financial transactions processed through its mobile app.
- Secured the highest-rated banking app position on both Google Play Store and Apple App Store.
Industry Recognition: Best Bank in Pakistan and More
Meezan Bank’s outstanding performance has been recognized by prestigious industry awards:
- Best Bank in Pakistan for the third time at the Pakistan Banking Awards.
- Best Bank of the Year (Large Sized Banks) for the fourth consecutive year by the CFA Society of Pakistan.
- ‘AAA/A-1+” (Triple A/ A-One Plus) entity ratings assigned by VIS Credit Rating Company Limited, signifying the highest credit quality and minimal risk factors.
Impact on Investors: Dividends and Stock Price Appreciation
The strong profit performance translates to significant benefits for investors:
- Dividend payout:
The dividend payout for Meezan Bank in 2023 was Rs 20 per share. This represents a 200% payout, consisting of:
- Rs 8 per share as final cash dividend, approved by the Board of Directors.
- Rs 12 per share as interim cash dividend, already paid for the nine-month period.
Therefore, the total dividend payout for 2023 comes to Rs 20, reflecting the strong financial performance of Meezan Bank.