KARACHI: Meezan Bank Limited, which is providing Sharia compliant banking and financing in Pakistan, on Tuesday declared Rs6.1 billion after tax profit for the quarter ended March 31, 2021.
The net profit of the bank increased by 11 percent during the first quarter (January – March) 2021 when compared with the net profit of Rs5.5 billion in the corresponding period of the last fiscal year.
According to the financial results of the bank, the profit/return earned on Islamic financing and related assets, investment and placements fell to Rs24.23 billion during first three months of the calendar year 2021 as compared with Rs29.83 billion in the corresponding months of the last year.
Similarly, profit on deposits and other dues expensed also reduced to Rs9.17 billion during the period under review as compared with Rs15.11 billion in the corresponding period of the last year.
However, the bank recorded 61 percent growth in fee and commission income to Rs2.06 billion for the quarter ended March 31, 2021 as compared with Rs1.28 billion in the same quarter of the last year.
Total income of the income for the quarter under review increased to Rs18.61 billion as compared with Rs17.91 billion in the corresponding quarter of the last year.
The operating expenses of the bank increased to Rs7.83 billion during January – March of 2021 as compared with Rs6.8 billion in the same period of the last year.
Meezan Bank declared Rs4.31 as earnings per share (EPS) for the quarter ended March 31, 2021 as compared with Rs3.89 in the same quarter of the last year.
