Meezan Bank earns Rs5.562bln profit

Meezan Bank Limited posted a profit Rs5.562 billion in 2016, showing an increase of 11 percent as compared to Rs5.023 billion earned during the previous year, a bourse filing said on Thursday.

The bank recorded earnings per share (EPS) of Rs5.55.  The bank also announced a final cash dividend of Rs1.25/share (12.5 percent) for the year 2016. This declaration, together with the earlier interim cash dividend of 17.5 percent paid in the third quarter of 2016, brings the total payout for the year to Rs3/share.

“A significant achievement during the year was the impressive increase in the financing portfolio of the bank that increased 50 percent to Rs312 billion, the bank said. “This growth in financing has outpaced the 17 percent average financing growth of the banking industry during the same period,” it added.