Meezan Bank Limited reported a profit after tax of Rs25.77 billion for Q3 2024
Meezan Bank Limited (PSX: MEBL) reported a profit after tax of Rs25.77 billion for Q3 2024, with earnings per share (EPS) at Rs14.36, missing market forecasts of Rs15.98. The bank declared a dividend of Rs7 per share, meeting median expectations.
Year-on-year growth was just 1.27%, attributed to a surge in provisions to Rs2.57 billion from Rs781.83 million. However, net returns from Islamic financing rose to Rs78.86 billion, up 19.96%, and non-markup income increased 5.4% to Rs6.53 billion due to improved economic activity.
Total non-markup expenses climbed 18.83% to Rs23.18 billion, driven by higher operating costs. Tax payments reached Rs31.86 billion, about 30% higher than the previous year.
