Meezan Bank posts sharp growth of 46% in 9MCY22

Meezan Bank posts sharp growth of 46% in 9MCY22

KARACHI: Meezan Bank Limited has posted massive 46 per cent growth in net profit for the nine months period ended September 30, 2022.

According to unconsolidated financial results for quarter and nine- month period ended September 30, 2022 submitted to Pakistan Stock Exchange (PSX) on Wednesday, the bank posted after tax profit of Rs28.59 billion for the period January – September 2022 as compared with Rs19.56 billion in the corresponding period of the last year.

The bank announced Rs15.97 as earnings per share for the nine months period ended September 30, 2022 as compared with the EPS of Rs10.93 in the same period of the last year.

Board of directors of the bank on October 19, 2022 recommended an interim cash dividend for the quarter and nine months ended September 30, 2022 at Rs2 per share i.e. 20 per cent. This is an addition to interim dividend already paid at Rs3.5 per share i.e. 35 per cent.

Total earnings of the bank jumped to Rs77.15 billion for the nine months period ended September 30, 2022 as compared with Rs48.52 billion in the same period of the last year.

Foreign exchange income of the bank increased to Rs3.86 billion for the period under review as compared with Rs2.15 billion in the corresponding period of last year.

This brings the total income of the bank to Rs92.19 billion during January – September 2022 as compared with Rs 58.78 billion in the same period of the last year.

Operating expenses of the bank increased to Rs32.7 billion for the period under review as compared with Rs24.85 billion in the same period of the last year.

Provisions and write-offs for the period grew to Rs1.73 billion as against Rs553 million in the last year.

The bank paid an amount of Rs27.76 billion as taxes during first nine months of year 2022 as compared with Rs13.08 billion in the same period of the last year.