Only the sixth bank in Pakistan’s banking system, Meezan Bank, has exceeded the Rs. 2 trillion barriers in terms of asset valuation.
The Islamic bank’s overall assets climbed to Rs. 2.1 trillion by the end of March 2022, up from Rs. 1.90 trillion at the end of 2021, according to a quarterly report.
With Rs. 4.3 trillion in assets, Habib Bank Limited is the only bank in the two trillion club. The National Bank of Pakistan has 3.7 trillion rupees in assets, United Bank Limited has 2.3 trillion, and MCB Bank has 2 trillion rupees in assets.
By the end of 2021, Allied Bank Limited had also surpassed the Rs. 2 trillion milestone, but its assets had fallen to Rs. 1.9 trillion by the end of March 2022.
Meezan Bank had a banner year in 2022, with a profit increase of 51% in the first quarter, totaling Rs. 9.2 billion. The bank received Rs. 1.45 trillion in deposits. By the end of March 2022, the bank’s investment had reached Rs. 920 million, while its financing had reached Rs. 758 million.
The bank has been highly active in its Sukuk investments, and its branch network penetration has also seen an amazing increase. With its sustained success, the bank has left behind many old names this year, notably in terms of profitability and other balance sheet measures.
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