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Meezan Bank witnesses a remarkable growth in net profits

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%

Copyright Mettis Link News

Posted on: 2019-10-25T10:32:00+05:00

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