August 10, 2023 (MLN): Meezan Bank Limited (PSX: MEBL) has revealed its financial statement today for the half year ended June 30, 2023, as per which the bank posted a profit worth Rs32.92 billion [EPS: Rs18.29], depicting a surge of 92.12% YoY, compared to Rs17.14bn [EPS: Rs9.53] in the same period last year (SPLY), bank’s filing on PSX showed today.
Along with the 1HCY23 financial results, the board of directors of BAFL has also announced an interim cash dividend for the period ended June 30, 2022, at Rs4 per share i.e. 40%.
Going by the income statement, the bank witnessed an increase of 99.23% in its net interest income (NII) to stand at Rs90.62bn, compared to SPLY. The surge in NII is due to a jump in interest-earning (Rs183.05bn), up by 2.07x YoY.
During the period under review, the bank’s total other income fell by 12.60% YoY to Rs9.72bn, owing to a significant fall in Foreign Exchange Income to clock in at Rs540.89 million, depicting a decline of 82.73%.
In addition, the bank incurred a provision reversal of Rs3.63bn during the review period compared to Rs1.19bn in the corresponding period last year, rising by 3.06x in 1HCY23.
The other expense section increased by 47% to Rs31.59bn in 1HCY23 compared to Rs21.49bn in 1HCY22.
The increase was attributed to the massive jump of 44.84% YoY in the operating expenses from Rs20.74bn in 1HCY22 to Rs30.04bn in 1HCY23.
On the tax front, the bank paid Rs32.92bn, 92.12% higher than the amount paid in 1HCY22.
| Consolidated Profit and Loss Account for the half-year ended June 30, 2023 ('000 Rupees) | |||
|---|---|---|---|
| Jun-23 | Jun-22 | % Change | |
| Profit/return earned on Islamic financing and related assets. Investments and placements | 183,046,038 | 88,361,922 | 107.15% |
| Profits on deposits and other dues expensed | 92,427,763 | 42,877,572 | 115.56% |
| Net spread earned | 90,618,275 | 45,484,350 | 99.23% |
| OTHER INCOME | – | ||
| Fee and commission income | 8,605,241 | 6,814,445 | 26.28% |
| Dividend income | 327,306 | 293,097 | 11.67% |
| Foreign exchange income | 540,801 | 3,131,906 | -82.73% |
| (Loss) / gain on securities-net | (340,810) | 116,449 | – |
| Other income | 582,498 | 759,935 | -23.35% |
| Total other income | 9,715,036 | 11,115,832 | -12.60% |
| Total income | 100,333,311 | 56,600,182 | 77.27% |
| OTHER EXPENSES | – | ||
| Operating expenses | 30,041,267 | 20,740,453 | 44.84% |
| Workers' Welfare Fund | 1,499,773 | 743,885 | 101.61% |
| Other charges | 52,280 | 5,933 | 781.17% |
| Total other expenses | 31,593,320 | 21,490,271 | 47.01% |
| 68,739,991 | 35,109,911 | 95.79% | |
| Share of results of associates before taxation | 110,241 | (106,575) | -203.44% |
| Profit before provisions | 68,850,232 | 35,003,336 | 96.70% |
| Provisions and write-offs -net | 3,634,374 | 1,189,388 | 205.57% |
| Extraordinary/unusual items | – | – | – |
| Profit before taxation | 65,215,858 | 33,813,948 | 92.87% |
| Taxation | 32,292,723 | 16,676,896 | 93.64% |
| Profit after taxation | 32,923,135 | 17,137,052 | 92.12% |
| Basic and diluted earnings per share (Rupees) | 18.29 | 9.53 | – |
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Posted on: 2023-08-10T15:37:24+05:00
