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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