Meezan Bank has recorded stellar profit growth of 65% by the end of the third quarter of 2020 due to the expansion of its operations in various fields across the country.
According to the financial results, the bank made a profit of Rs. 18.078 billion during the period of January to September 2020 against a profit of Rs. 10.940 billion last year.
Due to the low spread, the bank’s financing has increased to Rs. 49.75 billion by the end of the third quarter of 2020 as compared to Rs. 33 billion recorded last year.
The bank’s other income also grew to Rs. 7. 1 billion from Rs. 6.7 billion. Its earnings per share surged to Rs. 12.78 from Rs. 7.73 per share. The bank announced a cash dividend of Rs. 4 per share.
During the period, the bank has been active in providing financing and investment to the private sector as well as the government.
The bank has invested over Rs. 50 billion in Pakistan Energy Sukuk II this year. Meezan Bank’s assets surged to over Rs. 1.2 trillion and its deposits also grew to over Rs. 1 trillion.