MEBL: PAT balloons by 46% YoY in 9MCY22

October 19, 2022 (MLN): Meezan Bank Limited (MEBL), Pakistan's first and largest Islamic bank, has unveiled its financial results today for the period of nine months ended on September 30, 2022, as per which, the bank’s profit after tax (PAT) grew by 46% YoY to stand at Rs28.60 billion which translated into basic EPS of Rs15.98.

Along with the result, the Board of Directors (BoD) of the bank recommended an interim cash dividend for the nine months ended on September 30, 2022, at Rs2 per share i.e., 20%. This is in addition to the interim dividend already paid at Rs3.50 per share i.e., 35%.

This improvement in profits was due to a higher net spread earned as it expanded by around 59% YoY to clock in at Rs77.14bn amid profit earned in Islamic financing.

While, the non-funded income (NFI) of the bank jumped up by 56.83% YoY mainly on account of higher fee and commission income (up by 45% YoY), and foreign exchange income (up by 80% YoY). However, capital gain on securities plunged by 77.29% YoY to Rs77mn.

Moreover, the operating expenses of the bank surged by32% YoY in the review period. 

On the taxation front, the bank paid Rs27.8bn during 9MCY22, as compared to Rs13bn in the same period last year.

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