MEBL reports Rs104bn profit for 2024, marking 21% YoY growth

MG News | February 13, 2025 at 02:04 PM GMT+05:00

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February 13, 2025 (MLN): Meezan Bank Limited (PSX: MEBL) has reported its financial results for the year ended December 31, 2024, reporting a profit of Rs104 billion, reflecting around 21% year-on-year (YoY) growth from Rs86bn in the corresponding period of 2023.

Meezan Bank’s profit/return earned on Islamic financing, investments, and placements surged 14.47% to Rs494.31bn, compared to Rs431.82bn in the previous year.

The net profit/return grew 26.73%, reaching Rs287.04bn from Rs226.49bn in 2023.

Additionally, total other income experienced a sharp 32.84% increase, climbing to Rs31.85 bn from Rs23.97 bn in the same period last year.

At the same time, operating expenses rose 18.73% to Rs81.66 bn, reflecting Meezan Bank’s continued investment in digital infrastructure and expansion.

Profit before taxation jumped 31.51%, reaching Rs226.28bn versus Rs172.07bn in the corresponding period of 2023.

However, taxation costs also rose significantly by 42.44% to Rs122.56bn, impacting the bottom line.

The impressive growth in net profit was driven by a higher return on Islamic financing, increased fee and commission income (up 31.58%), and a Rs3.51bn gain on securities, compared to a loss of Rs698 million in 2023.

However, foreign exchange income declined sharply by 72.7% to Rs828.51mn, reflecting currency market volatility.

Meezan Bank’s basic earnings per share (EPS) stood at Rs57.28, up from Rs47.72 in 2023, reinforcing its strong position in the Islamic banking sector.

Condensed Consolidated Interim Statement of Profit or Loss (Un-audited) for the six months ended (Rupees in '000)	31-Dec-24	31-Dec-23	%Change
Profit/Return earned on Islamic financing and related assets, investments, and placements	494,310,357	431,820,608	14.47%
Profit/Return on deposits and other dues expensed	207,267,225	205,327,453	0.94%
Net profit/return	287,043,132	226,493,155	26.73%
Fee and commission income	25,838,191	19,636,228	31.58%
Dividend income	626,540	635,019	-1.34%
Foreign exchange income	828,507	3,034,654	-72.70%
Gain/(loss) on securities	3,511,916	(697,988)
Other income	1,229,568	(1,306,765)
Total other income	31,848,249	23,974,653	32.84%
Total income	318,891,381	250,467,823	27.32%
Operating expenses	81,656,045	68,771,751	18.73%
Workers welfare fund	4,755,777	3,665,940	29.73%
Other charges	435,343	304,830	42.82%
Total other expenses	86,847,165	72,732,521	19.41%
PROFIT BEFORE TAXATION	226,279,254	172,066,880	31.51%
Taxation	122,559,919	86,043,744	42.44%
PROFIT AFTER TAXATION	103,719,335	86,023,136	20.57%
Basic earnings per share	57.28	47.72

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