Meezan Bank reports 44% improvement in quarterly profits

Sep-18

Sep-17

% Change

Profit/return earned on Islamic financing and related assets. Investments and placements

                                32,748,995

     26,156,936

25.20%

Profits on deposits and other dues expensed

                                13,615,157

     11,098,940

22.67%

Net spread earned

                                19,133,838

     15,057,996

27.07%

(Reversal of provision)/provision against non-performing Islamic financing and related assets - net

                                      102,844

           (90,005)

Provision against diminution in the value of investments

                                         91,660

           358,137

-74.41%

Provision against off-balance sheet obligations

                                           1,820

                       -  

Bad debts written off directly

                                               464

                       -  

Net spread after provision

                                18,937,050

     14,789,864

28.04%

OTHER INCOME

Fee, commission and brokerage income

                                   4,926,720

        4,575,093

7.69%

Dividend income

                                      164,901

           132,726

24.24%

Income from dealing in foreign currencies

                                      974,922

           815,715

19.52%

Capital (loss)/gain on sale of investments - net

                                         37,119

           874,703

Unrealized gain/(loss)on held for trading investments

                                         (1,530)

                       -  

Other income

                                      276,805

           284,871

-2.83%

Total other income

                                   6,378,937

        6,683,108

-4.55%

OTHER EXPENSES

Administrative expenses

                                14,249,852

     12,731,336

11.93%

Other (reversal of provisions)/provisions

                                      (14,612)

              11,385

Other charges

                                           2,361

              10,374

-77.24%

Workers' Welfare Fund

                                      272,765

           219,811

24.09%

Total other expenses

                                14,510,366

     12,972,906

11.85%

Share of results of associates before taxation

                                         71,085

         (650,885)

Extraordinary/unusual items

                                                  -  

                       -  

Profit before taxation

                                10,876,706

        7,849,181

38.57%

Taxation

                                   4,274,471

        3,259,151

31.15%

Profit after taxation

                                   6,602,235

        4,590,030

43.84%

Basic and diluted earnings per share (Rupees)

                                             6.04

                  4.35

38.85%