Meezan Bank earns profit of Rs3.13bln

Meezan Bank Limited (MEBL) has announced a net profit of Rs3.13 billion, translating in the earnings per share (EPS) of Rs3 for the half-year ended June 30, 2017.

The profitability remained almost flat, as the bank had posted net profit of Rs3.15 billion and EPS of Rs3 for the half-year ended June 30, 2016.

MEBL also declared a cash dividend of Rs1.75/share and announced to issue six percent right shares at the issue price of Rs50/share.

“We believe the right issue has been announced to support the bank's capital adequacy ratio (CAR), as MEBL continues to expand its loan book,” Amreen Soorani at JS Global said. Revenue earned on Islamic financing, investments and placements for the period stood at Rs10 billion, up 9.9 percent as against the revenues of Rs9.102 billion during the same period of the last year.

The bank’s other income also surged 18.8 percent to Rs14.77 billion in the half-year ended June 30, 2017 as compared to Rs12.429 billion earned during the corresponding period of the last year.

For the quarter ended June 30, 2017, MEBL posted a net profit of Rs1.304 billion and EPS of Rs1.28 as compared to the profit of Rs1.61 billion and EPS of Rs1.53 during the corresponding quarter of the last year.