October 23, 2018 (MLN): Meezan Bank Limited has gained 43.8% in consolidated profits for the nine month period that ended on September 30, 2018 as compared to the profits earning during the corresponding period on prior year.
According to the company’s financial statement issued to PSX earlier today, Meezan Bank’s net spread earned rose by 27% while net spread after provision went up by 28% on account of significantly reduced provision against diminution in the value of investments.
While total non-core income dropped by Rs.304 million and total non-core expenses rose by Rs.1.5 billion, some of the negative impact of these components was annulled due to higher share of results from associates.
Apart from this, Meezan’s basic and diluted earnings per share for the period have increased by Rs.1.69 per share, as it stands in at Rs.6.04 per share.
|
Consolidated Profit and Loss Account for the nine month period ended September 30th 2018 ('000 Rupees) |
|||
|---|---|---|---|
|
|
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% |
Copyright Mettis Link News
23833
