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.
