Meezan Bank posts Rs26.4bn profit in 3QCY24

Meezan Bank, the country’s largest Islamic bank, posted consolidated earnings of Rs26.36 billion for the third quarter that ended September 30, 2024, a little over 1% higher from the profit-after-tax Rs25.99 billion in the same period of the preceding year.

According to a notice sent to the Pakistan Stock Exchange (PSX) on Monday, earnings per share (EPS) clocked in at Rs14.61 for the period as compared to Rs14.43 in 3QCY23.

The Board of Directors also announced a cash dividend for the period ended September 30, 2024 at Rs7 per share i.e. 70%. This was in addition to the interim dividend already paid at Rs14 per share i.e. 140%.

An over 6% year-on-year spike led to the marginal increase in profit in profit/return earned on Islamic financing and related assets, investments and placements.

Meezan Bank’s profit up nearly 55% in 2QCY24

The net profit/return rose from Rs64.08 billion in 3QCY23 to Rs76.85 billion in 3QCY24, an increase of nearly 20%. Meezan’s profit margin in 3QCY24 stood at 59.8%, higher than the previous year.

The fee and commission income earned by the bank during the period amounted to Rs6.99 billion, an increase of over 34% against Rs5.21 billion earned in the same period last year.

However, the foreign exchange income of the firm showed a significant decline of over 98% from Rs1.58 billion in 3QCY23 to a meagre Rs29.1 million in 3QCY24.

The total income earned by Meezan Bank jumped over 17% as it increased to Rs83.25 billion in 3QCY24 from Rs70.87 billion in 3QCY23.

During 3QCY24, the firm’s operating expenses amounted to Rs22.03 billion, up 18% against Rs18.68 billion in SPLY.

The firm spent Rs1.23 billion on the worker welfare fund in 3QCY24, which is over 15% higher than Rs1.1 billion spent under this head in SPLY.

During 3QCY24, the bank paid Rs32.23 billion in taxes, up over 30%, as compared to Rs24.73 billion in 3QCY23.