Meezan Bank Limited recorded its best-ever financial year in 2023, turning a whopping Rs58.91 billion profit. This remarkable amount signified a significant rise of more than 90% in contrast to the profits of the preceding year.
The Board of Directors decided to release a portion of the revenues as dividends to honor this momentous occasion and thank its shareholders for their contribution. In addition to any interim dividends that had already been paid, they declared a final cash payment of Rs8 per share.
The bank’s net spread earnings increased significantly year over year to Rs226.49 billion from Rs121.82 billion in the same time the previous year, according to its income statement, showing a jump of 85.93%.
Meezan Bank’s principal revenue streams were Islamic financing, investments, and placements, which together brought in about Rs431 billion in revenues. The bank also saw a noticeable rise in other revenue sources, especially from foreign exchange operations, which increased by more than a third.
The bank reported increasing expenses in addition to higher earnings, particularly in operating costs and expenditures for employee welfare programs. Meezan Bank’s net profit after taxes greatly outpaced its earnings from the prior year despite these higher expenses, highlighting the bank’s strong financial performance and steady growth trajectory.
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