Banking
Meezan Bank announces Financial Results
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…
SBP Mandates Full Transition to Islamic Finance by December 2027 at SCB Global Majlis 2024
Karachi, October 23, 2024: Speaking at the SCB Global Majlis 2024 in Karachi, the Deputy Governor of the State Bank of Pakistan (SBP) delivered a decisive message on the nation’s future financial system. He announced that Pakistan must transition completely to an Islamic financial framework by December 2027, per a constitutional mandate. This directive leaves…
Meezan Bank Reports 3Q2024 Earnings of Rs25.8bn, Announces Rs7.0/Share Dividend
KARACHI, October 22 2024: Meezan Bank Limited (MEBL) released its financial results for the third quarter of 2024, reporting earnings of Rs25.8 billion, translating to an EPS of Rs14.4. This marks a 1% year-on-year (YoY) increase, though it reflects a 3% quarter-on-quarter (QoQ) decline. For the first nine months of 2024 (9M2024), the bank’s cumulative…
SBP releases governor’s annual report 2023-24
KARACHI, October 18 2024: In the fiscal year 2024, I witnessed improvements across key macroeconomic indicators after two challenging years, according to the Governor’s Annual Report (GAR) for FY24 released by the State Bank of Pakistan (SBP) today. GAR is published under Section 39 (1) of the SBP Act, 1956 (as amended up to January…
Bank Alfalah reports 23.5% growth in profit
Karachi, October 17 2024: The Board of Directors of Bank Alfalah Limited, in its meeting held on October 17, 2024, approved the Bank’s financial results for the nine months ended September 30, 2024. Bank Alfalah reported a profit after tax of PKR 33.643 billion, an improvement of 23.5% over the same period last year (SPLY),…