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Meezan Bank’s net profits jump by 58% for CY18

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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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Posted on: 2019-02-21T12:13:00+05:00

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