Meezan Bank announces 70% growth in annual profit

KARACHI: Meezan Bank Limited on Wednesday declared 70 percent growth in its annual net profit for the period December 31, 2019.

It is financial results submitted to Pakistan Stock Exchange (PSX), the bank announced profit after tax to Rs15.23 billion for the year 2019 as compared with Rs8.96 billion in the previous year.

The bank also declared earning per share (EPS) to Rs11.84 for the year under review as compared with Rs6.97 in the previous year.

Total income of the bank for the year 2019 recorded growth of 57 percent to Rs55.86 billion during the year as compared with Rs35.63 billion in the previous year.

The operating expenses of the banks recorded 29 percent growth to Rs24.83 billion during 2019 as compared with Rs19.29 billion in the previous year.

The provisioning and write offs of the banks increased sharply by 257 percent to Rs4.186 billion in 2019 as compared with Rs1.17 billion in the last year.

The bank announced Rs26.15 billion as profit before tax in 2019 as compared with Rs14.79 billion in the last year. Contribution towards income tax of the bank increased to Rs11 billion in 2019 as compared with Rs5.83 billion in the previous year.

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