Meezan Bank Limited has also left Habib Bank Limited behind in terms of profitability during the first quarter that ended on 31 March 2022.
According to the financial results, the bank made a profit of Rs. 9.2 billion in the first quarter of 2022, leaving behind Habib Bank Limited, which reported a profit of Rs. 8.5 billion in the same period. The bank’s profit even stood close to the profit of UBL, which stood at Rs. 9.3 billion by the end of the first quarter of 2022.
Meezan Bank’s profit recorded a staggering growth of 50 percent on a year-on-year basis compared to Rs. 6.1 billion in the same period last year. The bank’s earnings per share also increased from Rs. 3.75 to Rs. 5.66 by end of March 2022.
Meezan Bank’s earnings-driven through spread income increased to Rs. 21.4 billion by quarter-end from Rs. 15 billion stood by March-end last year. The bank margins from other sources also went up to Rs. 4.3 billion by end of March 2022 as compared to Rs. 3.5 billion stood last year. The bank has been active in various financing schemes while it has been participating significantly in Sukuks issued by the government.
It seems that the competition among the three leading banks has intensified in the race for profitability. However, the position among banks could be changed in the next three quarters of the calendar year depending on their financial performance.
Very Good big changing in a market .keep it up.