Meezan Bank continued to maintain its spectacular financial performance with the bank’s profit surging to the highest-ever figure of Rs. 28.5 billion in the nine-month period that ended September 30, 2022.
According to the financial results, the bank recorded yearly profit growth of 46 percent from January to September 2022 compared to last year, posting an increase of Rs. 9 billion compared to a profit of Rs. 19.5 billion registered in the same period last year.
The jump in earnings was on the back of higher total income. The bank also announced a cash dividend of Rs. 2 per share.
The staggering growth in the bottom line is driven by the income of net spread and handsome returns on the investments in different sectors including Sukuks and Term Finance Certificates. The overall revenue of the bank stood at Rs. 97 billion by the end of the nine-month period.
The overall financial performance of the bank has been remarkable throughout the year as Meezan Bank emerged as the most profitable bank in Pakistan.
The earnings per share of the bank also grew to Rs. 15.9 from the previous level of Rs. 10.9 per share.
The bank is witnessing growth in all aspects including deposit mobilization, financing, and investments.
At present, the bank has been aggressive in making investments in government Sukuks. It is also expanding its operations with a number of branches exceeding 950 across the country.