Meezan Bank’s Q1 profit up 68pc

KARACHI: Meezan Bank Limited, the largest Islamic Bank in the country, on Wednesday reported a 68 percent increase in its first-quarter net profit, due to an increase in profit earned income.

In a statement to the Pakistan Stock Exchange on Wednesday, the bank reported a net profit of Rs15.526 billion for the quarter ended March 31, up from Rs9.243 billion during the same period the previous year.

The bank also announced an interim cash dividend of Rs3/share, which is in addition to the interim dividend already paid at Rs5.50/share. Earnings per share (EPS) came in at Rs8.63, compared with EPS of Rs5.13 last year.

The bank said its profit earned on Islamic financing for the quarter rose to Rs81.988 billion, compared with Rs38.137 billion during the same quarter a year earlier. Profit/return on deposits also remained higher at Rs40.920 billion from Rs16.678 billion a year ago.

The bank in a statement said that it maintained its leadership position in Roshan Digital Account (RDA) with a market share of 25 percent in terms of the total RDA inflows in the banking industry of Pakistan.