Meezan Bank Q3 profit surges 124pc

KARACHI: Meezan Bank Limited reported a 124 percent jump in its third-quarter net profit on Thursday, boosted by higher income from its Shariah-compliant financing activities.

The bank said its net profit for the July-September quarter rose to Rs25.995 billion from Rs11.619 billion a year earlier. Earnings per share (EPS) increased to Rs14.43 from Rs6.46. The bank also announced an interim cash dividend of Rs5/share, bringing the total dividend for the nine-month period to Rs12/share.

Meezan Bank said its profit-earned income, which represents the income from its financing and investment activities, surged to Rs120.855 billion in the third quarter from Rs65.609 billion a year ago. Profit expenses, which include the cost of deposits and borrowings, also rose to Rs56.770 billion from Rs33.858 billion.

For the first nine months of the year, the bank's net profit soared to Rs58.907 billion from Rs28.756 billion in the same period last year. EPS for the period stood at Rs32.72, up from Rs15.99.

"Meezan Bank announced the highest-ever quarterly earnings, which came slightly higher than industry expectations," said an analyst at Topline Securities, a brokerage firm in Karachi.

Nestle Pakistan quarterly profit jumps 30pc Nestle Pakistan Ltd reported a 30 percent rise in its third-quarter net profit on Thursday, boosted by higher revenue across its products and cost-cutting measures.

The food and beverage company posted a net profit of Rs4.805 billion for the three months ended Sept. 30, up from Rs3.691 billion a year earlier, it said in a statement to the Pakistan Stock Exchange.

Earnings per share rose to Rs105.96 from Rs81.39. The company also announced a second interim cash dividend of Rs53/share, in addition to the Rs121/share already paid.

Revenue for the quarter increased to Rs49.723 billion from Rs40.535 billion , while cost of sales rose to Rs34.441 billion from Rs28.877 billion.