Meezan Bank Q3 profit up 8.7pc

KARACHI: Meezan Bank profit increased 8.7 percent to Rs6.958 billion for the quarter ended September 30, 2021, translating into earnings per share (EPS) of Rs4.28, a bourse filing said on Thursday.

The bank earned Rs6.402 billion with an EPS of Rs3.94 during the same quarter last year. An interim cash dividend for the quarter and nine months ended September 30, 2021 was announced at Rs1.50/share ie 15 percent. This was in addition to interim dividend already paid at Rs3/share or 30 percent.

Nine-month profit of the bank increased 8.22 percent to Rs19.566 billion from Rs18.079 earned during January-September 2020.

Topline Securities in its note attributed the bank’s strong profitability to sharp growth in deposits and uptick in low cost current account and saving account (CASA), despite lower margins amid lower policy rate in 2021.