Meezan Bank’s profit jumps 58.3% in 2022
- Increase led by surge in mark up earnings, other income
Meezan Bank Limited on Thursday announced a 58.3% year-on-year jump in its consolidated profit after tax to Rs45.1 billion for the year ended December 31, 2022.
According to a notice sent to the Pakistan Stock Exchange (PSX), the firm had reported a profit of Rs28.5 billion in 2021.
Accordingly, the earnings per share (EPS) of the firm rose from Rs15.77 in 2021 to Rs25.11 in 2022.
As per a report from Capital Stake, the increase in profit was led by sharp spike in mark up earnings and other income.
The profit earned on Islamic financing and related assets by the bank rose from Rs110.1 billion in 2021 to Rs232.3 billion in 2022, a robust increase of 111%.
The fee and commission income earned by the bank in 2022 amounted to Rs14.7 billion, a surge of 35.6% against Rs10.9 billion earned by the financial institution in 2021.
The dividend income of the firm inched up from Rs542.5 million in 2021 to Rs629.5 million in 2022.
Meezan Bank’s foreign exchange income ticked up by 14.5% to Rs3.6 billion in 2022. Last year, the firm had reported foreign exchange gain or Rs3.2 billion.
The other income earned by Meezan Bank reported a surge of 47% as it rose from Rs843.5 million in 2021 to Rs1.24 billion in 2022.
During the year 2022, operating expenses of the firm amounted to Rs46.8 billion, up 34% against Rs34.9 billion in 2021.
The firm reported a sharp hike in expenditure on worker welfare fund which rose by nearly Rs1 billion. Meezan Bank spent Rs962.7 million under this head in 2021 and Rs1.93 billion in 2022.
Other charges paid by the bank skyrocketed to Rs95.2 million in 2022 from Rs28.2 million in 2021.
During the day, the stock price of Meezan Bank reported an increase of Rs4.23 per share to Rs96.63 with 7.23 million shares exchanging hands at the PSX.
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