Meezan Bank half-year profit up

KARACHI: Meezan Bank Limited, largest Islamic bank in the country, on Thursday reported a 33 percent increase in its half-year net profit on an increase in its profit earned income.

In a statement to the Pakistan Stock Exchange, the bank reported a net profit of Rs17.137 billion for the half-year ended June 30, up from Rs12.901 billion during the same period the previous year.

The bank also announced an interim dividend of Rs1.75 a share for the half year, which is an addition to the Rs1.75 interim cash dividend already paid. It also announced 10 percent bonus shares or 10 shares for every 100 shares.

Earnings per share (EPS) came in at Rs10.48 a share, compared with Rs7.83 a share last year.

Meezan Bank said its profit earned income for the half-year rose to Rs88.361 billion, compared with Rs50.117 billion a year earlier. However, profit expenses remained higher at Rs42.877 billion from Rs18.923 billion a year ago. For the quarter ended June 30, the bank recorded a net profit at Rs7.893 billion, up from Rs6.774 billion during the same period last year. EPS for the quarter was recorded at Rs4.84 from Rs4.11 a year ago.