Meezan Bank profit down 12% to Rs22.42bn in 1QCY25
Meezan Bank (MEBL), the country's largest Islamic bank, posted consolidated profit after tax (PAT) of Rs22.42 billion for the quarter that ended March 31, 2025, down by 12% from Rs25.08 billion in the same period of the preceding year.
According to a notice sent to the Pakistan Stock Exchange (PSX) on Monday, earnings per share (EPS) clocked in at Rs12.32 for the period as compared to Rs13.93 in 1QCY24.
The Board of Directors of the bank also announced a cash dividend for the period ended March 31, 2025 at Rs7 per share i.e. 70%.
Meezan Bank's profit up nearly 91% in 2023
The bank's net profit/return earned on Islamic financing and related assets, investments and placements declined by over 8% to Rs61.78 billion.
'This decline in spread is due to a decrease in interest rates, along with the imposition of the Minimum Deposit Rate (MDR) on the individual portfolio,' brokerage house Topline Securities said.
The fee and commission income earned by the bank during the period amounted to Rs7.2 billion, an increase of over 22% against Rs5.91 billion earned in the same period last year.
The foreign exchange income of the firm showed a significant increase of over 230% from Rs478 million in 1QCY24 to Rs1.60 billion in 1QCY25.
The total income earned by Meezan Bank declined by 4.3% as it decreased to Rs71.02 billion in 1QCY25 from Rs74.22 billion in 1QCY24.
During 1QCY25, the bank's operating expenses amounted to Rs19.17 billion, down 7% against Rs20.60 billion in the same period last year.
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