Meezan Bank Limited has announced its financial results for the second quarter of 2024, revealing a record-breaking profit of Rs. 26.7 billion. This marks a significant increase of 55 percent year-over-year and 5 percent quarter-over-quarter.
The strong performance was driven primarily by growth in net interest income, which rose by 42 percent year-over-year. Additionally, a provision reversal of Rs. 935 million contributed positively to the bottom line.
Meezan Bank also announced a second interim cash dividend of Rs. 7.0 per share, bringing the total dividend for the first half of 2024 to Rs. 14.0 per share.
Despite an increase in operating expenses, the bank’s cost-to-income ratio improved, indicating greater efficiency. The effective tax rate for the quarter was 51 percent, slightly lower than the previous quarter.
Meezan Bank’s earnings per share for the second quarter stood at Rs. 14.88, and for the first half of 2024, it was Rs. 28.89. The bank’s stock price closed at Rs. 241.96 at the end of the trading day.