Meezan Bank recorded an outstanding year of profitability in 2019 with its growth recorded at almost 70% compared to the previous year.
According to financial results, the bank’s profit after tax surged to Rs. 15.232 billion in 2019 as compared to Rs. 8.96 billion registered in the whole of 2018.
Earning per share surged to double-digits from Rs. 6.97 to Rs. 11.84 – a first for the bank. The shareholders of the bank will receive a dividend of Rs.2 per share in addition to Rs. 3 already received in the previous quarters.
The bank posted handsome growth in its earnings net spread and profit on securities, commission income, dividends, and foreign exchange income.
The net spread earned increased to Rs. 46.5 billion in 2019 from Rs. 28.1 billion in 2018.
The bank has been active in participating in the government-issued Sukuk’s throughout the year including a Rs. 200 billion Energy Sukuk. It also played a leading role in designing and arranging financial instruments for the government and the privately-placed securities.
For the first time in its history, the bank crossed the Rs. 10 billion and Rs. 15 billion milestones of profitability.
By the end of the third quarter of 2019, Meezan Bank improved its ranking among the most profitable banks in Pakistan by three positions to stand at 5th.