KARACHI (APP) - Meezan Bank has announced the first quarter results for 2010 at its Board of Directors meeting held in Dubai. An announcement here on Friday said that Meezan Bank continued to demonstrate good business results during the quarter ended March 31, 2010 and remains the leading Islamic Bank in Pakistan. Gross core banking income before provisions and administrative expenses increased to Rs 1.8 billion compared to Rs 1.6 billion for the corresponding quarter last year. The Bank showed improved performance in both Funded and Non- Funded banking business segments. Profit after tax of the Bank increased to Rs 364 million as compared to Rs 283 million during the corresponding period last year reflecting an increase of 29pc. Deposits increased to Rs 102.5 billion which is Rs 2.1 billion higher than the deposits at December 31 2009. The favourable business volume is attributable to Meezan Banks aggressive branch expansion strategy adopted for the last four years. The Paid-up Capital of the bank has increased to Rs 6.98 billion as the 5pc bonus shares approved in last Board of Directors meeting have been issued to the shareholders. Based on revised share capital, the Earnings Per Share (EPS) for the first quarter amounted to Re 0.52 per share. The announcement further pointed out that Chairman of the Board Sheikh Ebrahim Bin Khalifa al Khalifa, who is also the Housing Minister of the Kingdom of Bahrain, reiterated the commitment of the shareholders to Pakistan and said that Pakistan represents a very important investment destination for GCC investors. It said that Meezan Bank is currently operating with 201 branches in 54 cities.