Meezan Bank Ltd. released the financial results for the year ending December 31st, 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%
Unconsolidated Profit and Loss Account – For the Half Year Ended, December 30th 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.