Meezan Bank Limited’s overall half yearly profits during the half year ended June 30th 2018, logged in at Rs.4.3 billion from Rs.3.13 billion during the half year period ended on June 30th 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% |
22808
.jpeg)
