In 2023, Meezan Bank Limited experienced its most successful financial year to date, achieving a remarkable profit of Rs58.91 billion. This impressive figure represented a substantial increase of over 90% compared to the previous year’s earnings.
To commemorate this significant milestone and reward its shareholders for their investment, the Board of Directors decided to distribute a portion of the profits as dividends. They announced a final cash dividend of Rs8 per share, in addition to any interim dividends that had already been distributed.
The bank’s income statement revealed a substantial 85.93% year-on-year growth in its net spread earnings, which surged to Rs226.49 billion from Rs121.82 billion in the corresponding period of the previous year.
The primary sources of revenue for Meezan Bank stemmed from Islamic financing, investments, and placements, collectively generating over Rs431 billion in earnings. Additionally, the bank experienced a notable increase in other income streams, particularly from foreign exchange activities, which witnessed a growth of more than a third.
Along with increased earnings, the bank also reported higher expenses, notably in operating costs and expenditures related to employee welfare initiatives. Despite these additional expenditures, Meezan Bank’s net profit after taxes significantly surpassed the previous year’s earnings, underscoring the bank’s robust financial performance and sustainable growth trajectory.
