February 13th, 2025
The Board of Directors of Meezan Bank, in its meeting held on February 13, 2025 approved the financial statements of the Bank and its consolidated financial statements for the year ended December 31, 2024. The meeting was chaired by Mr. Riyadh S.A.A. Edrees – Chairman of the Board, Mr. Bader H.A.M.A Al Rabiah – Vice Chairman of the Board was also present.
The Bank’s Profit After Tax for the year 2024 stood at Rs. 101.5 billion. Profit Before Tax was reported at Rs 222.1 billion registering a growth of 31% over last year. Profit After Tax (PAT) grew by 20% over 2023, surpassing the landmark figure of Rs. 100 billion, reaching Rs. 101.5 billion despite 5% higher taxation applicable on banking companies during the year.
The Board has approved Rs 7 (70%) per share final cash dividend for the year 2024. This brings the total cash dividend payout for the year 2024 to Rs 28 (280%) per share as Rs 21.00 per share i.e. 210% interim cash dividend was already paid for the nine-month period ending September 30, 2024. The Bank’s Basic Earnings Per Share (EPS) was reported at Rs 56.62 for 2024 compared to Rs 47.18 in 2023. The Bank remains adequately capitalized with a healthy Capital Adequacy Ratio of 20.35%, significantly exceeding the regulatory minimum requirement.
Deposits of the Bank increased by 17% to Rs. 2.58 trillion. The Current and Savings Accounts (CASA) deposit now accounts for 93% of the Bank’s total deposits. The Bank’s branch network increased to 1,051 branches in 351 cities along with an extensive network of 1,219 ATMs nationwide. With over 3.1 million users, Meezan Bank’s Mobile Banking App remains a trusted and essential medium for customers seeking seamless banking services. The Bank also maintained its leadership position in the market, demonstrating impressive growth in the Roshan Digital Account (RDA) initiative. During 2024, the remittances under Roshan Digital Accounts (RDA) exceeded $2.5billion representing a substantial market share of 27% positioning Meezan Bank as the preferred banking partner for Overseas Pakistanis. Currently, over 126,000 Meezan RDA accounts are operational, providing seamless and efficient banking services to Overseas Pakistanis in more than 144 countries around the world.
Total assets reached Rs 3.9 trillion marking a growth of 30% and the Bank’s investment portfolio registered 19% growth. Advances to Deposits Ratio of the Bank stood at 60.2%.
Meezan Bank has been recognized as the ‘Best Bank in Pakistan’ for the fourth time at the Pakistan banking Awards – the most prestigious recognition in Pakistan’s banking sector. The Bank remained among the most valuable banks in Pakistan in terms of market capitalization. The Bank has entity ratings of ‘AAA/A-1+’ (Triple A/ A-One Plus), indicating the highest credit quality with minimal risk factors with a Stable outlook assigned by VIS Credit Rating Company Limited.