Meezan Bank records a profit of Rs26.4bn in
Q3CY24
Meezan Bank, Pakistan’s largest
Islamic bank, announced a profit of Rs26.36bn for the third quarter of 2024,
reflecting a modest increase of 1.4% from Rs25.99bn during the same period last
year, according to a notice released on the Pakistan Stock Exchange.
The bank’s earnings per share (EPS)
rose to Rs14.61, up from Rs14.43 in Q3CY23. Additionally, the Board of
Directors declared a cash dividend of Rs7 per share, complementing the interim
dividend of Rs14 per share.
Meezan’s net profit from Islamic
financing, investments, and placements surged by 19.9%, reaching Rs76.85bn
compared to Rs64.08bn in Q3CY23. This growth was a positive offset to a sharp
decline in foreign exchange income.
Read
More Meezan
Bank and Mastercard work together to provide more offerings in Pakistan
The bank's foreign exchange income
plummeted over 98%, dropping from Rs1.58bn in the previous year to just
Rs29.1mn in Q3CY24. Despite this significant setback, Meezan Bank remained
profitable, driven by its diverse income streams.
Fee and commission income grew by
more than 34%, reaching Rs6.99bn in the quarter, up from Rs5.21bn last year.
However, operating expenses rose by 18% to Rs22.03bn due to inflation and
operational expansion.
Tax expenses increased by 30%, with
Meezan paying Rs32.23bn in Q3CY24, compared to Rs24.73bn the previous year.
This rise in taxation notably impacted the bank's overall profit growth.
Read
More Meezan
Bank secures top accolades at banking awards
Despite these challenges, Meezan
Bank continued to solidify its market position, buoyed by strong performance in
Islamic financing and enhanced fee-based services.
Source: Profit Pakistan