Meezan Bank witnesses a robust growth of 73% YoY in CY19

MG News | February 12, 2020 at 01:09 PM GMT+05:00

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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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