Meezan Bank continued to show stability in its profit growth which increased by 26 percent in the first quarter of 2018.
According to the financial statements, Pakistan’s leading full-fledged Islamic Bank made a profit of Rs. 1.914 billion in the period of January to March as compared to Rs. 1.511 billion in the corresponding period of last year.
The bank earned money from various avenues of financing and investments thanks to an increasing penetration and customer base in all segments.
Meezan Bank earned Rs. 5.8 billion from financing various projects and products under different modes of Islamic Banking. It also made Rs. 1.7 billion from commissions, dividends and capital gains.
The bank earned a total revenue of Rs. 7.5 billion in the outgoing quarter of 2018 whilst the value of earning per share reached Rs. 1.80.
The bank closed the outgoing year of 2017 with double-digit profit growth of 16 percent reaching Rs. 6.31 billion. It plans to raise Sukuk of worth Rs. 7 billion in coming months in order to raise Tier 1 capital mainly for improving its financial strength.
Last year, the board of directors of Meezan Bank set a plan to achieve a profitability target of close to Rs.9 billion and an asset base of nearly Rs. 1 trillion in next three years, with sustainable growth in operations and businesses.
The financial projections included the profit target of Rs. 6.27 billion in 2017, Rs. 7.62 billion in 2018 and Rs. 8.84 billion in 2019.
The bank achieved the target for 2017 and it is likely to meet the target for the current year keeping in view the profit of first quarter.