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% |
Copyright Mettis Link News
Posted on: 2023-04-19T11:43:09+05:00
