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

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.