Meezan Banks' half yearly profits drive up by 37% on the back of top-line earnings

MG News | August 29, 2018 at 01:07 PM GMT+05:00

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Meezan Bank Limited’s overall half yearly profits during the half year ended June 30^th 2018, logged in at Rs.4.3 billion from Rs.3.13 billion during the half year period ended on June 30^th 2017.

In a Board of Directors meeting held on August 29, 2018, the company finalized a report for the financial earnings for the above said period.

As per the release, Meezan Bank’s net spread after provisions witnessed a rise of 28% while fee, commission and brokerage income registered a 9% increase.

However the company suffered capital loss on sale of investments, worth Rs.43.7 million and other income dropped by 14% leading to 7% drop in Total income.

Although Total other expenses rose by 12%, Meezan Bank still managed to pull up overall half yearly profits by 37%.

Apart from this, Meezan Bank reported its Earnings per share at Rs.3.9 per share from Rs.3 per share on year-on-year basis.

Consolidated Profit and Loss Account for the Half Year Ended June 30th 2018 ('000 Rupees)
	Jun-18	Jun-17	% Change
Profit/return earned on Islamic financing and related assets. Investments and placements	20,977,338	16,948,720	23.77%
Profits on deposits and other dues expensed	8,494,396	7,232,298	17.45%
Net spread earner	12,482,942	9,716,422	28.47%
(Reversal of provision)/provision against non-performing Islamic financing and related assets - net	112,564	(21,366)
Provision against diminution in the value of investments	10,536	128,581	-91.81%
Provision against off-balance sheet obligations	1,820	-
Bad debts written off directly	-	-
Net spread after provision	12,358,022	9,609,207	28.61%
OTHER INCOME
Fee, commission and brokerage income	3,360,422	3,083,322	8.99%
Dividend income	108,248	90,871	19.12%
Income from dealing in foreign currencies	714,043	445,811	60.17%
Capital (loss)/gain on sale of investments - net	(43,778)	843,307
Unrealized gain/(loss)on held for trading investments	(774)	-
Other income	180,247	210,143	-14.23%
Total other income	4,318,408	4,673,454	-7.60%
OTHER EXPENSES
Administrative expenses	9,431,143	8,405,635	12.20%
Other reversal of provisions	(9,525)	(8,323)	14.44%
Other charges	805	10,268	-92.16%
Workers' Welfare Fund	169,337	147,025	15.18%
Total other expenses	9,591,760	8,554,605	12.12%
Share of results of associates before taxation	146,213	(206,887)
Extraordinary/unusual items	-	-
Profit before taxation	7,230,883	5,521,169	30.97%
Taxation	2,942,220	2,391,052	23.05%
Profit after taxation	4,288,663	3,130,117	37.01%
Basic and diluted earnings per share (Rupees)	3.90	3.00	30.00%

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