Meezan Bank’s profit after tax increases by 70 % in 2019

KARACHI:Meezan Bank Limited recorded excellent results for the year 2019. The profit after tax increased to Rs 15.23 billion compared to Rs 8.96 billion last year reflecting an impressive growth of 70 percent.

Express Payment System on enhanced capital increased to Rs 11.84 per share from Rs 6.97 per share in 2018. The return on average equity (including surplus on assets) increased to 30.66 percent as compared to 23.77 percent in 2018, said press release on Thursday.

Board of Directors of Meezan Bank Limited in its meeting, held at Karachi on February 12, 2020 approved the audited unconsolidated financial statements of the Bank and its consolidated financial statements for the year ending on December 31, 2019. The meeting was presided by Chairman of the Board, Riyadh S.A.A.Edrees and Vice Chairman, Faisal A.A.A.Al-Nassar was also present.

The board has approved 20% final cash dividend (Rs 2.00 per share) for the year 2019 bringing the total dividend payout for the year to Rs 5 per share (50%) as Rs 3 per share i.e. 30% interim cash dividend was paid and issuance of 10% bonus shares during the year.

The bank’s return on financing, investments and placements increased from Rs 48.6 billion in 2018 to Rs 94.3 billion in 2019, an increase of 94% due to the Bank’s strong balance sheet growth and re-pricing of earning assets due to increase in SBP’s Target Rate.

Correspondingly, the Bank’s return on deposits and other dues also increased from Rs 20.5 billion in 2018 to Rs 47.7 billion in 2019–an increase of 133 percent primarily due to higher profit rates and increase in deposit base.