KARACHI: The Board of Directors of the Meezan Bank met on Tuesday to review the bank’s performance and announce its financial statements on Wednesday for the first quarter ending March 31, 2020.
According to the financials, the bank’s profit after tax increased to Rs. 4.94 billion in the quarter ending March 2020, as compared to the Rs. 3.05 billion in the corresponding period last year, showing a growth of 62.1 pc year-on-year.
The bank’s earnings per share EPS clocked in at Rs. 3.91, which is an increase from the Rs. 2.31 during the same period last year.
The bank didn’t announce a cash dividend, in line with the State Bank’s instructions to suspend dividend payouts for March and June quarters.
The bank’s earnings were above analysts’ expectations.
The bank’s net spread stood at Rs. 14.71 billion, a 66.1 pc increase from the Rs. 8.85 billion earned in the corresponding period last year.
However, on a quarterly basis, earnings remained flat, with net spread growth of only 8.1 pc, due to a loss from associates amounting to Rs. 907 million.
According to analysts, due to this, the "other income" contribution to total income declined to 15 pc, compared to 21 pc in the corresponding period last year.
Within "other income", however, the bank saw higher capital gains at Rs. 722.8 million. Foreign exchange income also rose 130 pc, to Rs. 963 million. The bank also saw lower provisioning expenses, at Rs. 1.6 billion.
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