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Corporate Alert: Meezan Bank announces Cash Dividend of 1.75/- per share and reports EPS of 3.15 for the half year ended June 30, 2017

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

128,581.00

76,576.00

68%

Net spread after provisions

9,996,497.00

9,101,471.00

10%

Total other income

3,999,827.00

2,807,154.00

42%

Total other expenses

8,587,901.00

7,475,215.00

15%

Profit Before Taxation

5,408,423.00

4,433,410.00

22%

Total – Taxation

2,245,198.00

1,747,782.00

28%

Profit After Taxation

3,163,225.00

2,685,628.00

18%

Basic and diluted earnings per share

3.15

2.68

18%

 

Rupees in ‘000

The complete statements can be accessed here.

Posted on: 2017-07-26T14:07:00+05:00
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