Karachi February 21 2022: The Bank recorded excellent results for the CY21 with Profit after Tax of PKR 28.5 billion as compared to PKR 22.7 billion in the corresponding period last year reflecting a growth of 26 percent.
The EPS of the Bank increased to PKR 17.35 from PKR 13.77 CY2020 – on enhanced share capital of PKR 16,269 million.
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The Board has approved final cash dividend of PKR 1.50 per share (15%) bringing the total dividend pay-out for the CY2021 to PKR 6.00 (60%) per share as PKR 4.50 per share (45%) interim cash dividend was already paid for the nine months.
Bank’s net spread increased by 6 percent only, to PKR 68.9 billion from PKR 64.8 billion in the corresponding period last year due to substantial growth in the Bank’s earning assets and average current account deposits.
The Bank’s non-funded income recorded a 44 percent growth to PKR 15.9 billion mainly contributed by increase in fee and commission income and foreign exchange income which rose by 51 percent and 47 percent respectively. Trade finance related income, branch banking income and debit card related fee income remained the key contributories to higher fee and commission income of the Bank.
The Bank’s operating and other expenses also increased by 19 percent to PKR 35.9 billion due to continuous branch expansion.
Meezan Bank Limited was incorporated in Pakistan on January 27,1997 as a public limited company under the Companies Act, 2017 (previously Companies Ordinance, 1984). The Bank was granted a ‘Scheduled Islamic Commercial Bank license on January 31, 2000 and formally commenced operations as a Scheduled Islamic Commercial Bank with effect from March 20, 2002. It is engaged in corporate, commercial, consumer, investment and retail banking activities.
