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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