Meezan Bank recorded a handsome growth of 62 percent year-on-year in the first quarter of 2020.
According to the financial results, the bank made a profit of Rs. 4.94 billion during the period of January to March 2020 as compared to the profit of Rs. 3.04 billion recorded last year in the same period, showing an increase of Rs. 1.89 billion.
The leading Islamic bank drove its profit from the net spread which surged to Rs. 14.7 billion in the first quarter of 2020 as compared to Rs. 8.85 billion recorded in the same period of last year – an increase of nearly Rs. 5.8 billion.
Similarly, the bank also gained healthy returns from other avenues which surged to Rs. 18.2 billion from Rs. 11.2 billion of the earlier year.
Its expenses also grew to Rs. 7.6 billion this year from Rs. 5.6 billion of the last year.
Meezan Bank became the 6th most profitable bank of Pakistan till 2019. It has continued its profitability trajectory in the first quarter of 2020 and is likely to maintain profit growth in the remaining period of 2020.
The bank will likely play a leading role to float the planned Sukuk of the government this year. On the other hand, it will make huge investments in all available Sharia-compliant means in the future.
Earnings per share of the bank increased from Rs. 2.31 to Rs. 3.91 during the period.