February 21, 2019 (MLN): Meezan Bank Limited (MEBL) has noted outstanding improvement in its annual profits for the period ended December 2018 as its net income is recorded at Rs.9 billion up by 58%, and EPS at Rs.7.66, up from Rs.4.95 recorded last year.
These results fall in perfect harmony with the general market expectation of a 58% rise.
The company enjoyed a 24.4% improvement in its total income, large enough to cover the increase in operating and other expenses.
The company also announced final Cash Dividend for the year at Rs. 2/- per share i.e. 20%. This is in addition to interim Dividend already paid at Rs. 1.50 per share i.e. 15%.
Profit and loss account for the year ended December 31 2018 (Rupees'000) |
|||
---|---|---|---|
|
Dec-18 |
Dec-17 |
% Change |
Profit/return earned on Islamic Financing and related assets, investments and placements |
48,629,139 |
36,434,663 |
33.47% |
Profit on deposits and other dues expensed |
20,453,359 |
15,681,641 |
30.43% |
Net spread earned |
28,175,780 |
20,753,022 |
35.77% |
OTHER INCOME |
|
|
|
Fee and commission income |
6,822,735 |
6,030,008 |
13.15% |
Dividend income |
242,429 |
287,977 |
-15.82% |
Foreign Exchange Income |
1,318,460 |
1,210,827 |
8.89% |
(Loss) / gain on securities – net |
-39,376 |
939,266 |
|
Unrealised loss on held for trading investments |
|
-1,708 |
|
Other income |
313,486 |
387,460 |
-19.09% |
|
8,657,734 |
8,853,830 |
-2.21% |
Total income |
36,833,514 |
29,606,852 |
24.41% |
OTHER EXPENSES |
|
|
|
Operating expenses |
19,787,222 |
17,125,835 |
15.54% |
Workers Welfare Fund |
383,801 |
290,837 |
31.96% |
Other charges |
16,419 |
10,824 |
51.69% |
Total other expenses |
20,187,442 |
17,427,496 |
15.84% |
|
16,646,072 |
12,179,356 |
36.67% |
Share of results of associates before taxation |
-298,031 |
-963,186 |
-69.06% |
Profit Before Provisions |
16,348,041 |
11,216,170 |
45.75% |
Provisions and write offs |
1,168,051 |
1,283,326 |
-8.98% |
Extraordinary / unusual items |
|
|
|
PROFIT BEFORE TAXATION |
15,179,990 |
9,932,844 |
52.83% |
Taxation |
6,046,080 |
4,152,851 |
45.59% |
PROFIT AFTER TAXATION |
9,133,910 |
5,779,993 |
58.03% |
Basic and diluted earnings per share |
7.66 |
4.95 |
54.75% |
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