Meezan Bank Limited’s financial results for the half year ended June 30, 2011

Meezan Bank Limited’s financial results for the half year ended June 30, 2011

Karachi: We have to inform you that the Board of Directors of our Bank in its meeting held on July 30, 201 1 at 10:00 an. (Dubai time) Dubai, UAE, have approved the reviewed un-audited account of the Bank for the half year ended June 30, 2011.

An Interim Cash Dividend for the half year ended June 30, 2011 at Re. 1/= per share i.e. 10% has been approved by the Board.

The financial results of the Bank comprising of profit and loss account for the half year ended June 30, 2011 are enclosed as Annexure to this letter.

The Shares Transfer l3ooks of the Bank will be closed from August 17 to August 25, 2011 (both days inclusive). Transfers received at our Shares Registrar, THK. Associates (Pvt.) Ltd. Ground Floor, State Life Building-3, Dr. Ziauddin Ahmed Road, Karachi at the close of business on August 16, 2011 will be treated in time for the purpose of entitlement of above Cash Dividend declared.

Annexure to the Letter NO.CS/243/2011 Dated August 01, 2011

Meezan Bank Limited

Condensed Interim unconsolidated

Profit and Loss Account (un-audited)

For the half years ended 30 June 2011

 

  Quarter Half year Quarter half year
 ended ended ended ended
30 June 30 June 30 June 30 June

Rupees in’000

Profit/return earned on financings, investments

and placements

4,519,879 8,479,961 3,103,341 5,994,819
Return on deposits and other dues expensed 2,125,277 4,159,011 1,576,608 3,018,209
  ——— ——— ——– ———
Net spread earned 2,394,602 4,320,950 1,526,733  2,976,610
  ——— ——— ——— ———
Provision against non-performing financings (net) 66,001 318,553 222,456 442,397
Provisoion for impairment in value of investments 213,027 264,870 32,083 32,083
(reversal) / Provison against amounts due from        
financial institutions (net) (30,414) (30,414)
Bad debts written off directly
  ——— ——— ——— ———
248,614 553,009 254,539 474,480
——— ——— ——— ———
Net spreaf after provisions 2,145,988 3,767,941 1,272,194 2,502,130
  ——— ——— ——— ———
Other Income        
Fee, commission and brokerage income 175,460 333,418 167,167 297,719
Dividend income 131,431 391,639 15,390 58,983
Income from dealing in foreign currencies 175,706 317,825 290,129 478,109
Capital gain on sale of investments 1,210 79,553 29,228 78,997
Other income 13,358 24,763 3,077 26,682
  ——– ——— ——– ———
Total other income 497,165 1,147,198 504,991 940,490
  ——— ——— ——— ———
2,643,153 4,915,139 1,777,185 3,442,620
OTHER EXPENSES ——— ——— ——— ———
Administrative expenses 1,486,814 2,857,917 1,157,074 2,246,626
Others Provision / write offs/ (reversals) 76,059 76,059 7,988 7,988
Other charges / (reversal) (1,013) (1,051) 9,902 10,294
  ——— ——— ——— ———
Total other expenses 1,561,860 2,932,925 1,174,964 2,264,908
  ——— ——— ——— ———
1,081,293 1,982,214 602,221 1,177,712
Extraordinary / unusual items
  ——— ——— ——— ———
PROFIT BEFORE TAXATION 1,081,293 1,982,214 602,221 1,177,712
  ——— ——— ——— ———
Taxation – Current 269,948 632,537 186,792 672,424
         – Prior years 72,852 72,852
         – Deferred (57,981) (105,248) 60,401 (213,607)
  ——— ——— ——— ———
284,819 600,141 247,193 458,817
——— ——— ——— ———
Profit After Taxation 796,474 1,382,073 355,028 718,895
  ——— ——— ——— ———
Basic and diluted earnings per share (Rupees) 0.99 1.72 0.44 0.90

For more information, contact:
Tasnimul Haq Farooqui
Company Secretary
Meezan Bank Limited
Meezan House C-25,
Estate Avenue, Site,
Karachi – Pakistan.
Tel: +9221 38103500
Fax: +9221 36406049
Website: www.meezanbank.com

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