Karachi, October 23, 2024: The Board of Directors of Meezan Bank has approved the financial statements for the nine months ending September 30, 2024, revealing a significant increase in profits. The meeting, chaired by Riyadh S. A. A. Edrees, saw the bank posted a Profit After Tax (PAT) of Rs 77.5 billion, up from Rs 58.04 billion during the same period last year—an impressive growth of 34%.
The bank’s Annualized Return on Average Equity (ROAE) stands at 50%, reflecting its commitment to maximizing shareholder value. Basic Earnings Per Share (EPS) increased to Rs 43.26, compared to Rs 32.42 in September 2023. Continuing its tradition of dividend payouts, the Board approved a cash dividend of Rs 7 per share (70%), totalling Rs 21 per share (210%) for the nine months.
Total assets grew to over Rs 3.3 trillion, marking a 12% increase since December 2023. The bank maintains a strong asset quality, with a non-performing financing ratio below 2% and a coverage ratio of 179%, one of the highest in the industry. Net spread rose to Rs 214.8 billion from Rs 154.6 billion, reflecting a 39% growth attributed to increased volumes and higher benchmark rates. Additionally, non-funded income climbed to Rs 18.2 billion, up 20% from the previous year, driven by increased debit card transactions and trade-related income.
As one of Pakistan’s largest banks, Meezan Bank’s deposits reached Rs 2.6 trillion by Q3 2024. The bank leads in Roshan Digital Accounts with a 26% market share in inflows. With over 1,000 branches and more than 1,200 ATMs nationwide, Meezan Bank is enhancing its digital banking capabilities through its mobile banking app.
The bank’s Capital Adequacy Ratio stands at a robust 27.31%, well above the regulatory requirement, with a market capitalization exceeding $1.4 billion, reinforcing its position as a leading financial institution in Pakistan.
