Meezan Bank Posts Record-Breaking Profits in CY2021

Meezan Bank maintained a remarkable profitability journey in 2021 by posting its highest ever profit of Rs. 28.2 billion for the year that ended on 31 December 2021. The bank continued to grow its business as it marked a record 26 percent year-on-year profit growth for the year as compared to Rs. 22.1 billion earned in 2020. The earnings of the bank saw an uptick led by higher net spread earned, higher net fee income (NFI), and lower provisioning. The revenue of the banking company surged to Rs. 83 billion including earnings through the spread and other income which stood at Rs. 68 billion and Rs. 14 billion. The NFI of the bank posted a healthy surge of 44 percent on a yearly basis to Rs. 15.94 billion as compared to Rs. 11.06 billion. The bank spent Rs. 35 billion on account of the expense and paid taxes of Rs. 18 billion. The bank’s earning per share increased to Rs. 17.4 from 13.6 of the last year. The Board of Directors has announced the dividends income of Rs. 1.50 per share in addition to Rs. 4.5 per share already paid to the shareholders.  Meezan Bank has not only expanded its operations but is also a major investor in the government-issued Sukuk. Meezan’s scrip at the bourse was closed at Rs. 136.48, down by Rs. 2.88 or 2.07 percent, with a turnover of 820,944 shares on Monday.