KARACHI, Feb 25: Meezan Bank has announced 20 per cent bonus shares for its shareholders.

A meeting of its Board of Directors, held on February 22, approved bank’s annual audited accounts for the year ended on December 31, 2007.

Meezan Bank recorded 59 per cent growth in its post-tax profit to Rs963 million compared to Rs604 million in the previous year. Earnings per share (EPS) increased to Rs2.55 as compared to Rs1.88 last year.The performance of the bank during the period has been good, with significant growth in all areas of its business activities especially deposits, that grew by 58 per cent over the corresponding period last year. Income from core banking business has also increased by 56 per cent, maintaining healthy trend of decreasing dependency to volatile non-banking income.