Karachi: Meezan Bank today announced a notable increase in its financial performance for the first nine months of 2024, during which the bank’s profit after tax soared to Rs 77.5 billion, up 34% from Rs 58.04 billion in the same period last year. This growth underscores the bank’s robust strategy and commitment to shareholder value.
According to Meezan Bank Limited, the bank’s annualized return on average equity stood at 50%, reflecting its effective management and strong financial health. Basic earnings per share also rose significantly to Rs 43.26, up from Rs 32.42 in the previous year. Additionally, the bank has continued its tradition of consistent dividend payments, declaring a cash dividend of Rs 7 per share, culminating in a total payout of Rs 21 per share for the nine months.
Total assets of the bank surpassed Rs 3.3 trillion, marking a 12% growth since December 2023. Meezan Bank has maintained superior asset quality with a non-performing financing ratio below 2% and a coverage ratio of 179%, which is among the highest in the industry. The bank’s net spread increased by 39% to Rs 214.8 billion, largely due to higher volumes and increased average benchmark rates. Non-funded income also grew by 20% to Rs 18.2 billion, driven by an increase in debit card transactions and trade-related income.
Meezan Bank continues to lead in the Roshan Digital Account (RDA) initiative, holding a 26% market share in terms of total RDA inflows within Pakistan’s banking sector. The bank also boasts a strong physical presence with over 1,000 branches across 339 cities and more than 1,200 ATMs nationwide. Its mobile banking application remains at the forefront of digital innovation, enhancing customer experience and accommodating the shift towards digital banking.
Furthermore, the bank’s capital adequacy ratio stands at 27.31%, well above the regulatory minimum, emphasizing its solid capital position. The bank’s market capitalization has also exceeded $1.4 billion, affirming its status as a leading financial institution in Pakistan.