February 12, 2020 (MLN): Meezan Bank Limited (MEBL) has announced its financial results for the year ended December 31, 2019. As per results, the bank witnessed a robust growth of 73% in its annual profits, standing at Rs 15.77 billion which translated into an EPS of Rs 12.12.
This robust growth was mainly attributable to higher Net Spread earned (65% YoY) and increased other income (71% YoY) despite a 29% YoY increase in operating expenses during CY19.
Moreover, seasonal factors such as higher fee income by 8.86%YoY and increased dividend income by 14% supported core income in pulling up earnings growth.
During the period under review, the foreign exchange income surged by 2 times YoY to clock in at Rs 2.68 billion against Rs 1.31billion of last year.
Alongside financial results, the Board of Directors of the bank announced a final cash dividend at Rs 2 per share i.e. 20%. This is in addition to Interim Dividend already paid at Rs 3 per share i.e. 30%
|
Consolidated Profit and Loss Account for the year ended December 31, 2019 ('000 Rupees) |
|||
|---|---|---|---|
|
|
Dec-19 |
Dec-18 |
% Change |
|
Profit/return earned on Islamic financing and related assets. Investments and placements |
94,278,810 |
48,629,139 |
93.87% |
|
Profits on deposits and other dues expensed |
47,746,059 |
20,453,359 |
133.44% |
|
Net spread earner |
46,532,751 |
28,175,780 |
65.15% |
|
OTHER INCOME |
|
|
|
|
Fee and commission income |
7,427,474 |
6822735 |
8.86% |
|
Dividend income |
276,464 |
242,429 |
14.04% |
|
Foreign exchange income |
2,684,097 |
1,318,460 |
103.58% |
|
(Loss) / gain on securities |
(428,782) |
(39,376) |
988.94% |
|
Other income |
535,615 |
313,486 |
70.86% |
|
Total income |
57,027,619 |
36,833,514 |
54.83% |
|
OTHER EXPENSES |
|
|
|
|
Operating expenses |
25,454,005 |
19,787,222 |
28.64% |
|
Workers' Welfare Fund |
628,458 |
383,801 |
63.75% |
|
Other charges |
82,275 |
16,419 |
401.10% |
|
Total other expenses |
26,164,738 |
20,187,442 |
29.61% |
|
Share of results of associates before taxation |
301,295 |
(298,031) |
|
|
Profit before provisions |
31,164,176 |
16,348,041 |
90.63% |
|
Provisions/ reversals) and write offs -net |
4,186,430 |
1,168,051 |
258.41% |
|
Extraordinary / unusual items |
– |
– |
– |
|
Profit before taxation |
26,977,746 |
15,179,990 |
77.72% |
|
Taxation |
11,198,107 |
6,046,080 |
85.21% |
|
Profit after taxation |
15,779,639 |
9,133,910 |
72.76% |
|
Basic and diluted earnings per share (Rupees) |
12.12 |
6.96 |
74.14% |
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