Pakistan’s Meezan Bank Records 51% Growth in Profit Year-on-Year to USD 50 Million

Pakistan-based Meezan Bank Limited (Meezan Bank) has announced its financial results for the first quarter of 2022 (1Q 2022), in a statement made to the Pakistan Stock Exchange (PSX) on the 25th of April 2022, recording profit growth of 51% year-on-year (YoY) to reach PKR 9.24 billion (USD 50 million).

Why it Matters?

The positive profit result is attributed to a higher net spread which experienced a 43% YoY growth to reach PKR 21.46 billion (USD 115 million), amid profit earned in Islamic financing. Islamic financing and related assets investments and placements profit rose to PKR 38.137 billion (USD 205 million), compared to PKR 24.229 billion (USD 130 million) in 2021. Meezan Bank’s Board of Directors also recommended a 17.5% interim cash div...