MEBL: Bottom line expands by 67.5% YoY in 1QCY23

MG News | April 19, 2023 at 11:43 AM GMT+05:00

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April 19, 2023 (MLN): Meezan Bank Limited (MEBL), Pakistan's first and largest Islamic bank, has unveiled its financial results today for the first quarter that ended on March 31, 2023, as per which, the bank’s profitability grew by 67.55% YoY to stand at Rs15.42 billion which translated into the EPS of Rs8.62.

Along with the result, the Board of Directors (BoD) of the bank recommended an interim cash dividend for the quarter ended March 31, 2022, at Rs3 per share i.e., 30%.

This improvement in profits was due to a higher net spread earned as it expanded by around 91.47% YoY to clock in at Rs41bn amid profit earned in Islamic financing.

While the non-funded income (NFI) of the bank slumped by 10.11% YoY mainly on account of a drop in gain on securities, foreign exchange income, and dividend income.

Moreover, the operating expenses of the bank surged by 43% YoY.

On the taxation front, the bank paid Rs12.42bn during 1QCY23, witnessing a twofold surge as compared to Rs5.9bn in 1QCY22.

Consolidated Profit and Loss Account for the first quarter ended March 31, 2023 ('000 Rupees)
	Mar-23	Mar-22	% Change
Profit/return earned on Islamic financing and related assets, investments, and placements	81,952,946	38,111,259	115.04%
Profits on deposits and other dues expensed	40,907,273	16,674,300	145.33%
Net spread earned	41,045,673	21,436,959	91.47%
OTHER INCOME			-
Fee and commission income	3,598,109	2,989,567	20.36%
Dividend income	241,252	304,388	-20.74%
Foreign exchange income	(155,042)	813,439	-
Gain on securities-net	(105,717)	15,360	-
Other income	286,882	177,603	61.53%
Non-funded income	3,865,484	4,300,357	-10.11%
Total income	44,911,157	25,737,316	74.50%
			-
OTHER EXPENSES			-
Operating expenses	14,344,691	10,033,107	42.97%
Workers' Welfare Fund	589,508	334,500	76.24%
Other charges	2,828	1,132	149.82%
Total other expenses	14,937,027	10,368,739	44.06%
	29,974,130	15,368,577	95.04%
Profit before provisions	29,974,130	15,368,577	95.04%
Provisions and write-offs -net	2,129,887	227,890	834.61%
Extraordinary/unusual items	-	-	-
Profit before taxation	27,844,243	15,140,687	83.90%
Taxation	12,420,072	5,935,148	109.26%
Profit after taxation	15,424,171	9,205,539	67.55%
Basic earnings per share (Rupees)	8.62	5.14	67.70%
Diluted earnings per share (Rupees)	8.61	5.14	67.51%

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