Corporate Alert: Meezan Bank announces Cash Dividend of 1.75/- per share and reports EPS of 3.15 for the half year ended June 30, 2017
By MG News | July 26, 2017 at 02:07 PM GMT+05:00
Meezan Bank announced its financial results for the half year ended June 30, 2017.
The company's Profit increased by 16percent in the outgoing year, whereas profit after taxation for the period increased 18percent in comparison to previous year.
The Company issued a Cash Dividend of Rs. 1.75 i.e. 17.5%, Nil Bonus Shares and approved an issuance of 6% right shares at issue price of Rs. 50/- including premium of Rs. 40/- per share in proportion of 6 share(s) for every 100 shares.
Comparison of Key Financials:
| For the Half Year Ended | |||
| Key Financials | June 30, 2017 | June 30, 2016 | % Change |
| Profit/return earned on Islamic financing and related assets, investments and placements | 17,336,536.00 | 14,953,820.00 | 16% |
| Return on deposits and other dues expensed | 7,232,824.00 | 6,151,845.00 | 18% |
| Net Spread earned | 10,103,712.00 | 8,801,975.00 | 15% |
| Reversal of provision against non-performing Islamic Financing and related assets | 21,366.00 | 222,920.00 | -90% |
| Provision/(reversal of provision) against diminution in the value of investments | 128,581.00 | 76,576.00 | 68% |
| Net spread after provisions | 9,996,497.00 | 9,101,471.00 | 10% |
| Total other income | 3,999,827.00 | 2,807,154.00 | 42% |
| Total other expenses | 8,587,901.00 | 7,475,215.00 | 15% |
| Profit Before Taxation | 5,408,423.00 | 4,433,410.00 | 22% |
| Total - Taxation | 2,245,198.00 | 1,747,782.00 | 28% |
| Profit After Taxation | 3,163,225.00 | 2,685,628.00 | 18% |
| Basic and diluted earnings per share | 3.15 | 2.68 | 18% |
Rupees in ‘000
The complete statements can be accessed here.
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