Meezan Bank continued to maintain its profitability spree with its bottom line standing over Rs. 19 billion during the first nine months of 2021.
According to financial results announced by the bank, Meezan Bank’s profit increased to Rs. 19.9 billion during January to September 2021, from a profit of a similar period of the last year which stood at Rs. 18.4 billion.
This is the highest ever profit during the nine months posted by the bank due to reduced provisioning and higher Non-Funded and other income (NFI).
Meezan Bank posted highest ever profit in its history of PKR 19.8bn during 9MCY21, fueled by reduced provisioning and higher NFI.@Pakstockexgltd @StateBank_Pak @MeezanBankLtd @MuzzammilAslam3#KSE100 #PSX #MEBL #Equities #Pakistan pic.twitter.com/7h98coOMqz
— Arif Habib Limited (@ArifHabibLtd) October 14, 2021
The bank earning per share increased to 12.14 from 11.4 during the period of the comparison The bank’s total income surged to Rs. 59.9 billion during the nine months of the current year, as against Rs. 57.8 billion income registered in the corresponding period of the previous year.
Along with the result, the bank announced an interim dividend of 1.50 per share. This is an addition to the interim dividend already paid Rs. 3 per share.
The bank has been actively involved in investment in the government’s Sukuk’s and other Sharia-compliant instruments. It’s total deposits and assets values have crossed the mark of Rs. 1.5 trillion.
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