Meezan Bank posts 33% higher profit, earnings clock in at Rs17.14bn in 1HCY22

Meezan Bank announced a profit-after-tax of Rs17.14 billion for the six-month period ended June 30, 2022, an increase of 33% when compared with Rs12.9 billion in the same period of the previous year, stated a notice sent to the Pakistan Stock Exchange (PSX) on Thursday.

Accordingly, earnings per share (EPS) increased to Rs10.48 against Rs7.83.

Meezan Bank earns Rs28.4bn PAT in 2021

The board also announced an interim cash dividend for the half year ended June 30, 2022 at Rs1.75 per share i.e. 17.50%. This was in addition to the interim dividend already paid at Rs1.75 per share i.e. 17.50%.

Moreover, the board recommended issuing bonus shares in the proportion of 10 shares for every 100 shares held i.e. 10%.

The bank earned a net spread of Rs45.48 billion in the first six months of 2022, as compared to Rs31.91 billion in the same period last year, a 46% increase. Moreover, operating expenses increased to Rs20.74 billion in 1HCY22, up by 25% as compared to Rs16.58 billion recorded in 1HCY21.

Its foreign exchange income almost doubled from Rs1.61 billion in 1HCY21 to Rs3.13 billion in Jan-Jun 2022, but gain on securities declined massively from Rs445.91 million to a meagre Rs116.45 million in the six-month period.