Meezan Bank Ltd. profits rise 13.51% to Rs. 6.312 billion

By MG News | February 14, 2018 at 01:53 PM GMT+05:00

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Meezan Bank Ltd. released the financial results for the year ending December 31^st, 2017 today as it reported a 16.36% increase in Net Spread Earned at Rs. 20.814 billion with Fee, commission and brokerage income growing by 58% during the year.

Bank’s Net Spread after provisions grew by 7.86% to clock in at Rs. 19.494 billion vs. Rs. 18 billion last year. However, Bank’s total other income also posted a significant growth which includes dividend, forex income and capital gain also posted a 33.93% increase with total amount clocking in at Rs. 7.576 billion for the period.

Bottom-line profits for the bank grew sizably by 13.51% to reach Rs. 6.312 billion against Rs. 5.561 billion last year. On the earnings front, Meezan Bank’s earnings per share reached 6.13 Rupees for the period.

The Board decided to approve a final cash dividend of Rs. 1.25 per share at a rate of 12.5%. The approval came in addition of the interim dividend already paid at Rs. 1.75 per share i.e. 17.5%

Comparison of Key Financials
Unconsolidated Profit and Loss Account - For the Half Year Ended, December 30^th 2017
Key Financials	2017	2016	% Change
	Amounts in PKR ‘000
Net Spread Earned	20,814,411	17,888,532	16.36%
Net Spread after Provisions	19,494,008	18,073,451	7.86%
Fee, commission and brokerage income	4,165,971	2,619,769	59.02%
Dividend Income	1,176,517	744,090	58.11%
Income from Foreign Currencies	1,139,648	1,207,563	-5.62%
Capita gain on sale of investments - net	824,926	877,680	-6.01%
Other income	269,594	208,217	29.48%
Total other income	7,576,656	5,657,319	33.93%
Administrative Expenses	16,579,977	14,787,934	12.12%
Other reversals of provisions	13,524	74,038	-81.73%
Other charges	10,824	3,600	200.67%
Workers Welfare Fund	241,377	178,081	35.54%
Total other expenses	16,818,654	14,787,934	13.73%
Profit before Taxation	10,252,010	8,942,836	14.64%
Taxation	3,939,243	3,381,225	16.50%
Profit after Taxation	6,312,767	5,561,611	13.51%
EPS - Basic and diluted	6.13	5.45	12.48%

Company release on Earnings Report can be accessed here.

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