Meezan Bank’s third-quarter profit up 1pc

KARACHI: Meezan Bank Limited (MEBL), the largest Islamic bank in the country, on Monday reported a 1.0 per cent increase in its third-quarter net profit, due to an increase in profit earned income.

In a statement to the Pakistan Stock Exchange (PSX), the company reported a net profit of Rs26.363 billion for the third quarter that ended September 30, up from Rs25.995 billion during the same period last year.

The bank also announced an interim cash dividend of Rs7 per share, which is in addition to the interim cash dividend already paid at Rs14 per share. Earnings per share came in at Rs14.61 a share, compared with Rs14.43 a share last year.

The bank said its profit-earned income for the quarter rose to Rs128.503 billion, compared with Rs120.855 billion a year earlier. Profit expenses remained lower at Rs51.651 billion from Rs56.770 billion a year ago.

For the nine months that ended September 30, the bank recorded a net profit of Rs78.794 billion, up from Rs58.907 billion during the same period last year. EPS for the nine-month period was recorded at Rs43.68 from Rs32.72 in the same period a year ago.Analysts said that the bank’s earnings were lower than market expectations.