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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