Meezan Bank witnesses a remarkable growth in net profits

MG News | October 25, 2019 at 10:32 AM GMT+05:00

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October 25, 2019 (MLN): Meezan Bank Limited (MEBL) has reported profits of Rs. 10.8 billion (EPS: Rs. 8.44) for the nine months ended September 30, 2019, which translates into a growth of 69% as compared to the same period of last year.

The robust increase in profits largely came from exceptional growth in return earned on Islamic financing and related investments by 99.44%.

Moreover, MEBL’s non-core income surged by a substantial margin due to rise in income earned from foreign exchange operations and fee and commission income, which went up by 68.6% and 13.1% respectively.

Even though the total non-core expenses surged by 29.4%, the overall financial performance during the period was remarkable.

The Board of Directors of MEBL also announced an Interim Cash Dividend for the quarter and nine months ended September 30, 2019 at Rs. 1 per share i.e. 10%. This is in addition to interim Dividend(s) already paid at Rs. 2 per share i.e. 20%.

Consolidated Profit and Loss Account for the nine months ended September 30, 2019 ('000 Rupees)
	Sep-19	Sep-18	% Change
Profit/return earned on Islamic financing and related assets. Investments and placements	65,928,888	33,056,421	99.44%
Profits on deposits and other dues expensed	32,760,188	14,029,428	133.51%
Net spread earned	33,168,700	19,026,993	74.32%
OTHER INCOME
Fee and commission income	5,572,281	4926720	13.10%
Dividend income	165,876	164,901	0.59%
Foreign exchange income	1,823,813	1,081,767	68.60%
(Loss) / gain on securities	(282,328)	37,119
Unrealized loss on held for trading investments		(1,530)
Other income	331,292	262,670	26.12%
Total income	40,779,634	25,498,640	59.93%

OTHER EXPENSES
Operating expenses	18,288,114	14,249,852	28.34%
Workers' Welfare Fund	445,574	272,765	63.35%
Other charges	69,114	2,361	2827.32%
Total other expenses	18,802,802	14,524,978	29.45%
Share of results of associates before taxation	(424,396)	71,085
Profit before provisions	21,552,436	11,044,747	95.14%
Provisions/ reversals) and write offs -net	2,502,490	168,041	1389.21%
Extraordinary / unusual items
Profit before taxation	19,049,946	10,876,706	75.14%
Taxation	8,157,434	4,274,471	90.84%
Profit after taxation	10,892,512	6,602,235	64.98%
Basic and diluted earnings per share (Rupees)	8.44	4.99	69.14%

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