Karachi, August 10, 2023 – Meezan Bank Limited (MEBL), the leading Islamic bank in Pakistan, has reported a remarkable 93 percent increase in after-tax profit for the first half of the year ending on June 30, 2023.
This substantial growth can be primarily attributed to a significant rise in profits from deposits.
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MEBL announced its half-yearly financial results, revealing a profit after tax of Rs 33 billion for the period from January to June 2023, a substantial increase compared to Rs 17.14 billion during the same period the previous year. The bank also declared an earnings per share (EPS) of Rs 18.29 for the first half of 2023, in contrast to Rs 9.53 in the corresponding period of the previous year.
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During a board of directors meeting held on August 10, 2023, the bank recommended an interim cash dividend for the half-year ending June 30, 2023, at Rs 4 per share, representing 40 percent. This interim dividend is in addition to the previously paid interim dividends at Rs 3 per share, totaling 30 percent.
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According to the financial results, the bank witnessed a significant surge in profit and return on Islamic financing and investment, reaching Rs 183 billion for the first half of the review period, as compared to Rs 88.36 billion in the same period the previous year. Profit from deposits also experienced substantial growth, reaching Rs 92.43 billion for the first half of 2023, compared to Rs 42.88 billion in the same period a year ago.
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The total income of the bank exceeded Rs 100 billion, marking a considerable increase from Rs 56.6 billion. However, the bank also saw an increase in operating expenses, which amounted to Rs 30 billion during the January-June 2023 period, compared to Rs 20.7 billion in the previous year.
In terms of income tax, the bank paid an amount of Rs 32.29 billion for the half-year ending June 30, 2023, compared to Rs 16.67 billion in the same period the previous year.
