Meezan Bank announces 42 percent increase in annual profit

KARACHI: Meezan Bank Limited has declared sharp increase of 42 percent in profit after tax for the year ended December 31, 2018, according to financial results submitted to Pakistan Stock Exchange (PSX) on Thursday.

According to unconsolidated profit and loss accounts for the year ended December 31, 2018, the bank declared Rs8.962 billion profit after tax as compared with Rs6.312 billion in the previous year.

Total income of the bank surged to Rs35.63 billion for the year under review as compared with Rs28.36 billion in the previous year.

Operating expenses of the bank for the period increased to Rs19.29 billion as compared with Rs16.58 billion.

Profit before tax of the bank increased to Rs14.79 billion for the year ended December 31, 2018 as compared with Rs10.25 billion during the last year.

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