Meezan Bank’s Q1 profit up 28.4pc

KARACHI: Meezan Bank on Thursday reported its net profit for the first quarter ended March 31, 2018 increased 28.4 percent drawing strength from a boost in commission and brokerage income.

The bank in a bourse filing said the profit rose to Rs2.345 billion from Rs1.825 billion recorded in the same quarter of the preceding year.

“The bank’s earnings grew because of an increase in fee, commission and brokerage income,” an analyst said.

The income from this head rose by 16.7 percent to Rs 1.693 billion in the period under review.

On the other hand, the income from dealing in foreign currencies also strengthened to Rs337 million during January-March period compared to Rs163 million in the same period a year ago.

The bank said its net interest income for the period jumped 28 percent to Rs5.847 billion over Rs 4.555 billion the previous year.

The bank also reported an earning per share of Rs2.09/share compared to Rs1.69 in the same period last year.