Meezan Bank Ltd. profits rise 26.67 percent to Rs. 1.914 billion

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By MG News | April 19, 2018 at 12:37 PM GMT+05:00

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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. 

Comparison of Key Financials

Unconsolidated Profit and Loss Account - For the Quarter Ended, March 30th 2018

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.

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