Meezan Bank announces Financial Results for the Nine Months ended September 30, 2024
KARACHI ( WEB NEWS )
The Board of Directors of Meezan Bank approved the Bank’s financial statements for the nine months ended September 30, 2024. Mr. Riyadh S. A. A. Edrees, Chairman of the Board, chaired the meeting, and Mr. Faisal A. A. A. Al-Nassar, Vice Chairman of the Board, was also present, along with other Directors.
The Bank posted a Profit After Tax (PAT) of Rs 77.5 billion up from 58.04 billion in the corresponding period last year, a growth of 34%. The Bank’s Annualised Return on Average Equity (ROAE) stands at 50% – demonstrating its continued commitment to maximizing shareholder value. The Basic Earnings Per Share (EPS) increased to Rs 43.26 compared to Rs 32.42 in September 2023. Continuing the tradition of unbroken dividend payout, the Board approved a cash dividend of Rs 7 per share (70%) per share, bringing the total cash dividend payout for the nine months to Rs 21 per share (210%).
Total assets of the Bank crossed Rs. 3.3 trillion, registering a 12% growth over December, 2023. The Bank maintains superior asset quality with non-performing financing ratio of below 2%. The Bank maintains a comfortable level of provisions against its non-performing financings with a coverage ratio of 179% – one of the highest in the banking industry. Net spread of the Bank grew to Rs 214.8 billion from Rs 154.6 billion in the same corresponding period last year – a growth of 39%. This impressive growth is attributed to increased volumes and higher average benchmark rates. Additionally, the Bank’s non-funded income increased to Rs 18.2 billion from Rs 15.2 billion in the corresponding period last year – a growth of 20%. This growth was driven by notable increase in debit card transactions and trade-related income.
Meezan Bank is one of the largest banks in Pakistan in terms of deposits, which closed at Rs 2.6 trillion by Q3 2024. The Bank continued to maintain its leadership position in Roshan Digital Account (RDA) with a market share of 26% in terms of total RDA inflows in the banking industry of Pakistan. The Bank has a robust physical presence with over 1,000 branches in 339 cities and an extensive network of more than 1,200 ATMs nationwide. Furthermore, the Bank’s Mobile Banking App leads in digital innovation, continuously improving the customer experience and supporting the increasing shift toward digital banking.
Meezan Bank maintains a robust capital position, with a Capital Adequacy Ratio of 27.31% – significantly above the minimum regulatory requirement of 11.50%. Furthermore, the Bank’s market capitalization has surpassed $1.4 billion, solidifying its position as a leading financial institution in Pakistan.