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

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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 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%

Comparison of Key Financials

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.

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