Meezan Bank, the country’s largest Islamic bank, posted earnings of Rs25.99 billion for the first three months of fiscal 2023-24, up nearly 124% from the profit-after-tax Rs11.62 billion in the same period of the preceding year.
According to a notice sent to the Pakistan Stock Exchange (PSX) on Thursday, earnings per share clocked in at Rs14.42 for the three-month period.
The Board of Directors also announced an interim cash dividend for the quarter ended September 30, 2023 at Rs5 per share i.e. 50%. This is in addition to interim Dividend(s) already paid at Rs7 per share i.e. 70%.
The increase in profit was led by sharp spike in profit/return earned on Islamic financing and related assets, investments and placements.
The net profit/return rose from Rs31.75 billion in 1QFY23 to Rs64.08 billion in 1QFY24, a robust increase of nearly 102%.
The fee and commission income earned by the bank in 1QFY23 amounted to Rs5.21 billion, a surge of 37% against Rs3.8 billion earned in the same period last year.
However, the dividend income of the firm showed a decline of over 11% down from Rs128.5 million in 1QFY23 to Rs113.4 million in 1QFY24.
Meezan Bank’s foreign exchange income increased significantly by 83% from Rs734.7 million to Rs1.6 billion in 1QFY24.
Additional income earned by Meezan Bank also jumped by 115% as it increased to Rs411.5 million in 1QFY24 from Rs191.3 million in SPLY.
During 1QFY24, operating expenses of the firm amounted to Rs18.68 billion, up 50% against Rs12.44 billion in SPLY.
The firm reported a sharp hike in expenditure on worker welfare fund which almost doubled during the period. Meezan Bank spent Rs511.3 million under this head in 1QFY23 and Rs1.06 billion in 1QFY24.
Comments
Comments are closed for this article.