Meezan Bank reports nearly Rs22bn profit, decline of 11% YoY

MG News | April 21, 2025 at 12:39 PM GMT+05:00

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April 21, 2025 (MLN): Meezan Bank Limited (PSX: MEBL) has reported its consolidated interim financial results for the quarter ended March 31, 2025, showing a profit of Rs22.42 billion, reflecting a 10.61% year-on-year (YoY) decline from Rs25.08bn in the same period last year.

The bank has declared an interim cash dividend of Rs7 per share, representing 70%.

The profit/return earned on Islamic financing and related assets, investments, and placements stood at Rs107.62bn, a decrease of 9.72% compared to Rs119.20bn in the previous year.

Similarly, profit/return on deposits and other dues expensed dropped by 11.73%, amounting to Rs45.86bn, down from Rs51.95bn in Q1 2024.

The net profit/return fell by 8.13%, reaching Rs61.78bn, compared to Rs67.25bn in the same period of 2024.

Total other income showed a notable 32.70% increase, climbing to Rs9.24bn, up from Rs6.96bn in the previous year.

This was largely driven by a substantial 234.31% rise in foreign exchange income, which reached Rs1.60bn from Rs477.93m in Q1 2024.

Meanwhile, fee and commission income saw an increase of 21.93%, amounting to Rs7.21bn compared to Rs5.91bn last year.

However, the bank's dividend income plummeted by 68.72%, falling to Rs57.14m from Rs182.65m in the previous year.

Additionally, a significant decline of 81.42% was recorded in the gain/loss on securities, with the figure dropping to Rs11.17m from Rs60.1m in Q1 2024.

Operating expenses decreased by 6.81%, totaling Rs19.17bn, compared to Rs20.57bn in the same period last year.

Other charges saw a drastic reduction of 93.39%, amounting to Rs8.76m, down from Rs132.60m in Q1 2025.

Profit before taxation stood at Rs49.27bn, a decrease of 6.10% from Rs52.47bn in the corresponding period of 2025.

Taxation costs also saw a slight decline of 1.91%, standing at Rs26.87bn compared to Rs27.39bn last year.

Basic earnings per share (EPS) for the quarter were Rs12.32, down 11.56% from Rs13.93 in the same period of 2025.

Similarly, diluted earnings per share decreased by 11.61%, from Rs13.87 to Rs12.26.

CONDENSED INTERIM CONSOLIDATED STATEMENT OF PROFIT AND LOSS ACCOUNT (UNAUDITED) (Rs in 000)
Particulars	Mar-25	Mar-24	%Change
Profit / return earned on Islamic financing and related assets, investments and placements	107,619,969	119,204,166	-9.72%
Profit / return on deposits and other dues expensed	45,857,453	51,950,713	-11.73%
Net profit / return	61,782,516	67,253,453	-8.13%
Fee and commission income	7,211,977	5,914,978	21.93%
Dividend income	57,136	182,647	-68.72%
Foreign Exchange Income	1,597,750	477,930	234.31%
Gain / (loss) on securities	11,165	60,100	-81.42%
Other income	364,089	329,270	10.57%
Total other income	9,242,117	6,964,925	32.70%
Total income	71,024,633	74,218,376	-4.30%
Operating expenses	19,167,397	20,568,165	-6.81%
Workers Welfare Fund	1,043,979	1,128,469	-7.49%
Other charges	8,763	132,596	-93.39%
Total other expenses	20,220,139	21,859,230	-7.50%
Share of profit of associates	50,804,494	52,359,148	-2.97%
Credit loss allowance / provisions and write offs - net	338,492	374,589	-9.64%
Extra ordinary / unusual items	-	-
PROFIT BEFORE TAXATION	49,268,606	52,470,727	-6.10%
Taxation	26,866,315	27,390,550	-1.91%
PROFIT AFTER TAXATION	22,418,291	25,080,177	-10.61%
Shareholders of the Holding company	22,106,837	24,956,287	-11.42%
Non-controlling interest	311,454	123,890	151.40%
Net profit	22,418,291	25,080,177	-10.61%
Basic earnings per share	12.32	13.93	-11.56%
Diluted earnings per share	12.26	13.87	-11.61%

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