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MEBL’s profitability uplifts by 26% YoY in CY21

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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Posted on: 2022-02-21T15:52:42+05:00

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