Meezan Bank Limited (MEBL) today announced financial results for the three months period ending 31 March, 2018 reporting Net Spread Earned worth Rs. 5.845 billion. Furthermore, the company’s net spread after provisions during the outgoing quarter months grew by 27.26 percent to reach 5.722 billion.
MEBL releases on the exchange show a 107.03 percent jump in income from other currencies, 88 percent decline in income from capital gain in sale of securities and a 26 percent increase in dividend income. Furthermore, bank’s other income fell by more than 12 percent as well.
On the expenses front, Meezan’s total expenses grew by 18 percent during the quarter taking away 4.520 billion from the bottom-line.
The Islamic Bank reported a profit after taxation at Rs. 1.914 billion up by 26.67 percent from Rs. 1.511 billion translating into earnings per share of Rs. 1.80 vs. an EPS of Rs 1.47 during the same quarter ending March, 2017.
|
Unconsolidated Profit and Loss Account – For the Quarter Ended, March 30th 2018 |
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|---|---|---|---|
|
Key Financials |
March, 2018 |
March, 2017 |
% Change |
|
Amounts in PKR ‘000 |
|||
|
Net Spread Earned |
5,845,171 |
4,555,124 |
28.32% |
|
Net Spread after Provisions |
5,722,745 |
4,496,846 |
27.26% |
|
Fee, commission and brokerage income |
1,291,937 |
1,019,733 |
26.69% |
|
Dividend Income |
48,629 |
38,540 |
26.18% |
|
Income from Foreign Currencies |
337,346 |
162,945 |
107.03% |
|
Capital gain on sale of securities – net |
41,580 |
371,384 |
-88.80% |
|
Other income |
58,480 |
66,620 |
-12.22% |
|
Total Other Income |
1,777,972 |
1,659,222 |
7.16% |
|
Administrative Expenses |
4,447,138 |
3,787,380 |
17.42% |
|
Other provisions/(reversals) |
12,791 |
5,072 |
152.19% |
|
Other charges/reversals |
751 |
480 |
56.46% |
|
Total other expenses |
4,520,036 |
3,827,789 |
18.08% |
|
Profit before Taxation |
2,980,036 |
2,328,279 |
27.99% |
|
Taxation |
1,065,097 |
816,526 |
30.44% |
|
Profit after Taxation |
1,914,939 |
1,511,753 |
26.67% |
Company release on Earnings Report can be accessed here.
