Meezan Bank, Pakistan’s leading shariah-compliant Bank, has continued the journey of its profiting with a significant 13% growth in the initial quarter of 2017.
It is to note that that this achievement has come by at a time when big banks like UBL has failed to achieve any growth in their profits for the similar quarter.
Last year, the bank closed with profit at 11%, amount of Rs. 5.56 billion. Since then, it has showed noteworthy growth in profit.
The financial results stated that the profit of the bank reached to Rs. 1.511 billion in Q1 from Rs. 1.33 billion – January to March 2017.
The growth in profits of the bank is possibly the result of enhanced performance along with growth in banking business and efficiency in its operations.
Coming to the spread income of the bank, it was witnessed to have reached Rs. 4.68 billion in the first quarter which last year was Rs. 4.4 billion, increasing by 6.5%.
The profitability of the bank got impacted by other sources income such as fee commission, securities sale, income from brokerage, and income coming from foreign currencies; resulting in a growth of 11.5%, increasing to Rs. 6.39 billion from Rs. 5.73 billion in the first quarter of this year.
Meezan Bank’s expense reached to Rs. 4.06 billion which last year was Rs. 3.67 billion, owing to an increase of 10%.
The bank is actively operating different projects through Sukuk and planning to ease pilgrims of Hajj by working with the government. It is also active in consumer financing through various schemes like PM Youth Loan Scheme.
Author: Muneel Ali
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