Karachi August 11 2022: Meezan Bank Limited (MBL) earned more profit than combined profitability of Habib Bank Limited (HBL) and United Bank Limited (UBL) during 2Q 2022 , according to information available at Pakistan Stock Exchange.
The big difference in profitability of Meezan Bank when compared with HBL and UBL is due to changes in tax rates for banks in the recent budget for banks according to banking experts.
Meezan Bank, the premier Islamic Bank, earned profitability of Rs 7.9 billion in 2Q 2022 when compared with profitability of Rs 6.5 billion in 2Q 2021, as per company filling to the exchange. Along with the results, the Bank declared a dividend of Rs. 1.75 per share (17.5%) and bonus of 10% for its shareholders.
Earlier, HBL declared a consolidated profit after tax of Rs. 3.9 billion for the second quarter of 2022. Along with the results, the Bank declared a dividend of Rs. 2.25 per share (22.5%). However, HBL has become the first bank to achieve a Balance Sheet size of Rs 5.0 trillion, driven by strong deposit mobilization. Total deposits reached Rs 3.8 trillion, a growth of Rs 370 billion over December 2021.
UBL posted profitability of Rs 2.8 billion in 2Q 2022 when compared with profitability of Rs 7.5 billion in 2Q 2021, according to Banks filling to the exchange. UBL also declared the highest amount of dividend among three banks with disbursement of Rs. 4.00 per share (40.0%).
