MEBL profit soars by 2.05x to Rs58.91bn in 9MCY23, announces Rs5 DPS

By MG News | October 19, 2023 at 03:20 PM GMT+05:00

0:00

October 19, 2023 (MLN): Meezan Bank Limited (PSX: MEBL) has revealed its financial statement today for the 9MCY23, as per which the bank posted a profit worth Rs58.91 billion [EPS: Rs32.72], depicting a surge of 2.05x YoY, compared to Rs28.76bn [EPS: Rs15.99] in the same period last year (SPLY), bank’s filing on PSX showed today.

Along with the 9MCY23, the Board of Directors (BoD) of MEBL has recommended an interim cash dividend at Rs. 5/- per share i.e. 50%.

This is in addition to interim Dividend(s) already paid at Rs. 7/- per share i.e. 70%.

Going by the income statement, the bank witnessed an increase of 2x in its net interest income (NII) to stand at Rs154.7bn, compared to Rs77.24bn in SPLY. The surge in NII is due to a jump in interest-earning (Rs303.9bn), up by 97.38% YoY.

During the period under review, the bank’s total other income increased by 3.81% YoY to Rs16.49bn, owing to a significant rise in Foreign Exchange Income to clock in at Rs13.82bn, depicting an increase of 30.13 YoY.

Moreover, MEBL incurred a loss on securities also reduced from Rs866.97 million in 9MCY23, against a gain of Rs27.32m in 9MCY22.

In addition, the bank incurred a provision reversal of Rs4.42bn during the review period compared to the reversal of Rs1.74bn in the corresponding period last year.

On the expense side, the bank’s total other expenses increased by 48.73% to Rs51.34bn in 9MCY23 compared to Rs34.52bn in 9MCY22.

The increase was attributed to the jump of 46.86% YoY in the operating expenses from Rs33.18bn in 9MCY22 to Rs48.72bn in 9MCY23.

Similarly, MEBL’s expenses towards the Workers' welfare fund and other charges also went up during the review period.

On the tax front, the bank paid Rs57.02bn, 2.04x higher than the amount paid in 9MCY22.

Consolidated Profit and Loss Account for the nine months ended September 30, 2023 ('000 Rupees)
	Sep-23	Sep-22	% Change
Profit/return earned on Islamic financing and related assets. Investments and placements	303,901,959	153,971,541	97.38%
Profits on deposits and other dues expensed	149,198,197	76,735,665	94.43%
Net spread earned	154,703,762	77,235,876	100.30%
OTHER INCOME			-
Fee and commission income	13,820,110	10,620,348	30.13%
Dividend income	440,773	421,564	4.56%
Foreign exchange income	2,116,102	3,866,649	-45.27%
(Loss) / gain on securities-net	(866,972)	27,320	-
Other income	982,871	951,235	3.33%
Total other income	16,492,884	15,887,116	3.81%
Total income	171,196,646	93,122,992	83.84%
			-
OTHER EXPENSES			-
Operating expenses	48,724,859	33,177,242	46.86%
Workers' Welfare Fund	2,562,585	1,255,173	104.16%
Other charges	55,825	89,024	-37.29%
Total other expenses	51,343,269	34,521,439	48.73%
	119,853,377	58,601,553	104.52%
Share of results of associates before taxation	490,821	(130,129)	-477.18%
Profit before provisions	120,344,198	58,471,424	105.82%
Provisions and write-offs -net	4,416,289	1,735,254	154.50%
Extraordinary / unusual items	-	-	-
Profit before taxation	115,927,909	56,736,170	104.33%
Taxation	57,020,524	27,979,938	103.79%
Profit after taxation	58,907,385	28,756,232	104.85%
Basic and diluted earnings per share (Rupees)	32.72	15.99	-

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