Meezan Bank continued to improve its balance sheet as it made another profitable quarter with 32 percent growth on a year-over-year basis in the period of January to March 2019.
According to consolidated financial results, the profit of the bank increased from a profit of Rs. 2.34 billion last year to Rs. 3.05 billion in the period of January to March this year.
The bank improved its earnings from financing which increased to Rs. 9.1 billion in the first quarter of 2019, up from Rs. 5.8 billion in the same period last year. It made Rs. 2.2 billion from non-other income resources which also increased from last year. The bank’s expenses also grew to Rs. 5.6 billion, higher than the previous year.
The bank posted a profit before tax of Rs. 5.87 billion, however, it also contributed a huge amount of Rs. 2.7 billion to the national exchequer on the account of Super Tax.
The bank’s earnings per share increased from Rs. 1.90 to Rs. 2.59 in one year. It announced an interim cash dividend of Re. 1 per share in the first quarter.
Meezan Bank is the leading Islamic bank in the country with outstanding growth in various aspects of its businesses, operations, networks and customers.
The bank commenced the year with impressive performance and is likely to continue its sustainable growth in months to come.