Meezan bank registers a growth of 32% in profits despite presence of super tax

Mar-19

Mar-18

% Change

Profit/return earned on islamic financing and related assets, investments and placements

18,208,415

10,118,639

79.95%

Profit on deposits and other dues expensed

9,108,148

4,307,151

111.47%

Net spread earned

9,100,267

5,811,488

56.59%

OTHER INCOME

Fee and commission income

1,869,576

1,693,016

10.43%

Dividend income

44,318

48,629

-8.87%

Foreign exchange income

417,100

373,021

11.82%

Loss on securities - net

-142,952

-15,395

828.56%

Unrealised loss on held for trading investments

-1,129

Other income

102,570

53,561

91.50%

Total income

11,390,879

7,963,191

43.04%

OTHER EXPENSES

Operating expenses

5,638,875

4,633,976

21.69%

Workers' Welfare Fund

130,437

64,120

103.43%

Other charges

1,368

751

82.16%

Total other expenses

5,770,680

4,698,847

22.81%

Share of results of associates before taxation

154,782

430,449

-64.04%

Profit before provisions

5,774,981

3,694,793

56.30%

(Reversals) / provisions and write offs - net

-99,947

130,298

Extraordinary / unusual items

Profit before taxation

5,874,928

3,564,495

64.82%

Taxation

2,774,501

1,218,611

127.68%

Profit after taxation

3,100,427

2,345,884

32.16%

Basic and diluted earnings per share

2.59

1.90

36.32%