MEBL’s profitability uplifts by 26% YoY in CY21

MG News | February 21, 2022 at 03:52 PM GMT+05:00

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February 21, 2022 (MLN): Meezan Bank Limited (MEBL) has declared its financial results today for the year ended on December 31, 2021, as per which, the bank’s profitability has jumped by 26% to stand at Rs28.5 billion which translated into an EPS of Rs17.53.

Along with the result, the Board of Directors (BoD) of the bank recommended a cash dividend for the year ended on December 31, 2021, at Rs1.5 per share i.e. 15%. This is in addition to the interim dividend(s) already paid at Rs4.50 per share i.e. 45%.

According to the financial statement, the bank witnessed an expansion of 6.29% in net spread earned that clocked in at Rs68.9bn as a result of a 3.27% increase in Profits earned on Islamic financing.

The non-funded income (NFI) of the bank jumped up by 44.13% YoY mainly on account of higher fee and commission income (up by 50.53% YoY), dividend income (up by 124% YoY), and FX income (up by 46.64% YoY). However, capital gain of securities plunged by 28.7% YoY to Rs536.4mn.

Moreover, operating expenses of the bank surged by 19.37% YoY whereas provision expenses declined by 87.91% YoY, supporting bottom-line growth.

On the taxation front, the bank paid Rs19.46bn during CY21, as compared to Rs15.15bn in CY20.

Consolidated Profit and Loss Account for the year ended December 31, 2021 ('000 Rupees)
	Dec-21	Dec-20	% Change
Profit/return earned on Islamic financing and related assets.	110,077,456	106,594,040	3.27%
Profits on deposits and other dues expensed	41,171,867	41,764,718	-1.42%
Net spread earned	68,905,589	64,829,322	6.29%
OTHER INCOME			-
Fee and commission income	10,861,439	7,215,518	50.53%
Dividend income	42,467	241,538	124.59%
Foreign exchange income	3,158,131	2,153,669	46.64%
(Loss) / gain on securities-net	536,390	752,566	-
Other income	843,518	697,570	20.92%
Total income	84,847,534	75,890,183	11.80%
OTHER EXPENSES			-
Operating expenses	34,939,071	29,269,286	19.37%
Workers' Welfare Fund	962,709	895,820	7.47%
Other charges	28,172	93,232	-69.78%
Total other expenses	35,929,952	30,258,338	18.74%
Share of results of associates before taxation	52,006	368,580	-85.89%
Profit before provisions	48,969,588	46,000,425	6.45%
Provisions and write offs -net	992,830	8,210,297	-87.91%
Extraordinary / unusual items	-	-	-
Profit before taxation	47,976,758	37,790,128	26.96%
Taxation	19,469,170	15,115,265	28.80%
Profit after taxation	28,507,588	22,674,863	25.72%
Basic and diluted earnings per share (Rupees)	17.35	13.77	26.00%

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