Meezan Bank announced its financial results for the half year ended June 30, 2017.
The company’s Profit increased by 16percent in the outgoing year, whereas profit after taxation for the period increased 18percent in comparison to previous year.
The Company issued a Cash Dividend of Rs. 1.75 i.e. 17.5%, Nil Bonus Shares and approved an issuance of 6% right shares at issue price of Rs. 50/- including premium of Rs. 40/- per share in proportion of 6 share(s) for every 100 shares.
Comparison of Key Financials:
For the Half Year Ended
Key Financials
June 30, 2017
June 30, 2016
% Change
Profit/return earned on Islamic financing and related assets, investments and placements
17,336,536.00
14,953,820.00
16%
Return on deposits and other dues expensed
7,232,824.00
6,151,845.00
18%
Net Spread earned
10,103,712.00
8,801,975.00
15%
Reversal of provision against non-performing Islamic Financing and related assets
21,366.00
222,920.00
-90%
Provision/(reversal of provision) against diminution in the value of investments