KARACHI - Meezan Bank has posted 13 per cent growth in its post-tax profit for the first quarter ended on March 31, 2009. The post-tax profit increased to Rs 283 million compared to Rs 251 million in the corresponding period of the last year. Income from core banking business has increased by 74pc maintaining the healthy trend of decreasing dependency to volatile non-banking income. Earnings per share (EPS) for the first quarter was Re 0.57 as compared to Re 0.51 in corresponding period last year. The performance of Meezan Bank during the period has been very good with significant growth in all areas of its business activities especially deposits, that grew by 34pc over the corresponding period last year. Asset growth has been slow in keeping with the cautious and prudent financing policy of the Bank. As a result, Asset to Deposit Ratio is now at approximately 50pc reflecting the liquid position of the Bank. This significant growth is mainly attributable to an aggressive branch expansion plan and effective direct sales strategy. The bank presently has 166 branches in 41 cities across the country. All branches are 'on-line and are supported by state-of-the-art 24/7 Banking services to all its customers, which include over 140 ATMs, Internet Banking and Call Centre that operates 24 hours a day seven days a week. Meezan Bank offers a comprehensive Debit Card that is accepted at over 3,000 outlets across Pakistan and will be launching a new Visa Debit card soon. The Bank is investing heavily in technology and is currently in the process of implementing a new core banking application. It also recently inaugurated a new state-of-the-art Data Centre incorporating the latest systems to support its new technology initiatives.