Meezan Bank Limited is getting ready to launch two new Shariah compliant card products. Recently, during its 2026 analyst briefing, the bank’s management shared exciting details about the upcoming Meezan Charge Card and the Islamic Financing Card. Both products have already secured Shariah approval. Consequently, the bank expects a full commercial rollout in 2027.
Currently, the Meezan Charge Card is going through a soft launch phase. Meanwhile, the Islamic Financing Card remains under development. Naturally, these new cards will operate differently from conventional credit cards currently on the market. The final 2027 commercial launch will depend on the successful completion of the remaining development and rollout processes.
Meezan Bank Reports Massive Deposit Growth & “Phygital” Expansion
Meezan Bank experienced massive financial growth this year. Total deposits soared by 23% year-on-year to hit Rs. 3.7 trillion in June 2026. Furthermore, a 3% quarter-on-quarter increase pushed the bank’s deposit market share to 9.15%. Management highlighted that the bank now focuses on building average deposit balances instead of just relying on period-end figures.
Additionally, CASA deposits grew by 13% during the first half of 2026. This took the CASA ratio to an impressive 91% by June. Current accounts alone increased by 20% year-on-year.
To support this rapid growth, Meezan Bank is pursuing a “phygital” banking model. This approach seamlessly combines physical branches with digital services, as management noted that relying entirely on just one model has limitations. By June 2026, the bank operated 1,150 branches. Moreover, it plans to open another 100 branches before the end of the year. Right now, deposits per branch stand at approximately Rs. 3.5 billion.
Financial Performance & Future Outlook
During the first half of 2026, Meezan Bank reported a solid profit after tax of Rs. 48.8 billion. This represents a 6% year-on-year growth, translating to earnings per share of Rs. 27.1. Subsequently, the bank announced a cash dividend of Rs. 8 per share. This brings the total dividend for the first half of 2026 to Rs. 15.5 per share.
Meanwhile, the advances-to-deposits ratio (ADR) dropped to 44% in June 2026, down from 51% in December 2025. Management blamed this decline on seasonal factors, subdued business demand, and stronger deposit growth. However, they expect the ADR to bounce back in the coming periods.
Regarding investments, Meezan Bank placed around 85% of its portfolio in government-issued Ijarah Sukuk. Within this exposure, 75% sits in variable-rate instruments, while the rest remains in fixed-rate Sukuk. The bank noted that a growing supply of Shariah compliant instruments is creating new investment opportunities.
Financially, the cost-to-income ratio climbed to 30%, up from 25% last year. Nevertheless, it stays well below the bank’s 34-35% target threshold and the overall industry average. The bank is aggressively maintaining strict cost controls while improving earnings per branch. Furthermore, the bank enjoyed higher foreign exchange income recently due to stronger remittance inflows and increased trade activity.
Finally, looking ahead, Meezan Bank management expects the State Bank of Pakistan to keep the current policy rate stable over the next few quarters.
