Meezan Bank’s half-year profits up 59pc

KARACHI: Meezan Bank Limited, the largest Islamic bank in Pakistan, on Thursday reported a 59 per cent increase in its half-year net profit, due to an increase in the profit earned income.

In a statement to the Pakistan Stock Exchange, the bank reported a net profit of Rs52.43 billion for the half-year ended June 30, up from Rs32.91 billion during the same period the previous year.

The bank also announced an interim dividend of Rs7 a share for the half year, which is an addition to the Rs7 interim cash dividend already paid.Earnings per share came in at Rs28.93, compared with Rs18.29 a share last year.

Meezan Bank said its profit earned income for the half-year rose to Rs249.36 billion, compared with Rs183.05 billion a year earlier. However, profit expenses remained higher at Rs111.45 billion from Rs92.427 billion a year ago.

For the quarter ended June 30, the bank recorded a net profit at Rs26.89 billion, up from Rs17.39 billion during the same period last year. EPS for the quarter was recorded at Rs14.82 from Rs9.66 a year ago.An analyst at KASB Research said the result was higher than their expectations.