KARACHI: Meezan Bank Limited (MEBL) on Thursday said its net profit for the half-year ended June 30, 2021 increased 11.3 percent to Rs12.60 billion from Rs11.67 billion in the same period last year, mostly owing to a decline in provisions.
The bank also declared an interim cash dividend of Rs1.5 a share, in addition to an already paid cash dividend of Rs1.5/share. The bank also announced 15 percent bonus shares, i.e. 15 shares for every 100 shares held.
Earnings per share (EPS) came in at Rs9/share, compared with Rs8.16/share last year.
The bank in a bourse filing said its revenue for the year fell to Rs50.11 billion, compared with Rs57.83 billion a year earlier.
Provisions and write-offs decreased to Rs432.89 million from Rs3.09 billion during the same period last year, which resulted in an increased profit.
Other income increased to Rs433.74 million from Rs245.73 million. A KASB report said the MEBL result was in line with their estimates.
AKBL six-month profit down 17pc
Askari Bank Limited (AKBL) said its profit for six months ended June 30, 2021 fell 17 percent largely on account of shrinking mark-up income and swelling provisions.
The bank in a statement said its net profit declined to Rs4.11 billion from Rs4.97 billion earned in the same period last year.
The bank did not declare any dividend for this period.
Earnings per share came in at Rs3.27/share, compared with Rs3.94/share last year.
The bank said its mark-up income for the half-year fell to Rs35.43 billion from Rs43.25 billion a year earlier. Provisions for the period surged to Rs2.81 billion, compared to Rs644.31 million last year, which weighed on profits.
Moreover, the bank’s profit for the quarter ended June 30, 2021 also dropped to Rs1.34 billion against Rs3.10 billion earned in the same period a year ago.
For the quarter under review, the EPS came in at Rs1.07, compared to Rs2.46 in the same quarter last year.
Analysts said AKBL result was below market expectations amid heavy provisions.