Meezan Bank Limited, the largest Islamic bank in Pakistan, Thursday announced a staggering 64.46 percent surge in profit, reaching Rs 25.54 billion in the first quarter of calendar year 2024.
This significant growth reflects the bank’s robust performance and strategic initiatives amid evolving market dynamics.
The consolidated financial results for the quarter ended March 31, 2024, were submitted to the Pakistan Stock Exchange (PSX) by Meezan Bank on Thursday. The bank reported a profit of Rs 15.53 billion in the corresponding quarter of the previous year, underscoring the remarkable growth achieved within a year.
Basic and diluted earnings per share stood at Rs 14.19 and Rs 14.13, respectively, for the first quarter of 2024, compared to Rs 8.63 and Rs 8.63 in the same period last year. This substantial increase in earnings per share reflects the bank’s ability to deliver value to its shareholders amidst a challenging economic environment.
The board of directors of Meezan Bank convened on April 18, 2024, and recommended an interim cash dividend of Rs 7 per share for the quarter ended March 31, 2024. This gesture underscores the bank’s commitment to enhancing shareholder returns and rewarding investors for their confidence and support.
Meezan Bank’s revenue witnessed robust growth, reaching Rs 67.56 billion in the first quarter of 2024, compared to Rs 41 billion in the same quarter of the previous year. Total income surged to Rs 74.52 billion during January to March 2024, marking a significant increase from Rs 45.26 billion reported in the corresponding quarter of the last year.
The bank capitalized on favorable market conditions, recording a gain on foreign exchange amounting to Rs 478 million in the first quarter of 2024, compared to a loss of Rs 155 million in the same quarter of the previous year. Additionally, gains in securities amounted to Rs 60 million, reversing the loss of Rs 92 million reported in the corresponding quarter.
Operating expenses of the bank increased to Rs 20.59 billion for the quarter ended March 31, 2024, compared to Rs 14.52 billion in the same quarter of the previous year. Despite higher operating expenses, Meezan Bank’s profitability remained robust, reflecting efficient cost management and revenue generation strategies.
The bank fulfilled its income tax liability amounting to Rs 27.54 billion during the first quarter of 2024, compared to Rs 12.52 billion in the same quarter of the previous year. This substantial increase in tax payment highlights Meezan Bank’s contribution to the national exchequer and adherence to regulatory obligations.
Meezan Bank’s impressive financial performance underscores its resilience and effectiveness in navigating dynamic market conditions. As the bank continues to pursue its growth trajectory, stakeholders remain optimistic about its ability to sustain momentum and deliver value to shareholders, customers, and the economy at large.
