{"id":6043,"date":"2024-08-17T23:41:53","date_gmt":"2024-08-17T18:41:53","guid":{"rendered":"https:\/\/ksestocks.com\/blog\/?p=6043"},"modified":"2024-08-17T23:42:15","modified_gmt":"2024-08-17T18:42:15","slug":"meezan-banks-solid-performance-in-2qcy24","status":"publish","type":"post","link":"https:\/\/ksestocks.com\/blog\/meezan-banks-solid-performance-in-2qcy24\/","title":{"rendered":"Meezan Bank’s solid performance in 2QCY24"},"content":{"rendered":"\n

Meezan Bank Limited (MEBL<\/a>) has recently released its financial results for the second quarter of the calendar year 2024, showcasing a strong performance that aligns well with market expectations.<\/p>\n\n\n\n

The bank reported an unconsolidated NPAT of PKR 26.6 billion<\/strong>, translating to an EPS of PKR 14.9<\/strong>. <\/p>\n\n\n\n

Key financial highlights<\/h2>\n\n\n\n

One of the most notable aspects of Meezan Bank’s performance is the net spread earned, which reached PKR 70.3 billion<\/strong>. <\/p>\n\n\n\n

This marks a 4%<\/strong> increase quarter-on-quarter and a remarkable 42%<\/strong> increase compared to the same quarter last year. <\/p>\n\n\n\n

The net interest margins for the quarter stood at approximately 10.38%<\/strong>, although this is a slight decrease of 11 basis points<\/strong> from the previous quarter.<\/p>\n\n\n\n

In terms of other income, the bank experienced a quarterly dip of 16%<\/strong>, primarily driven by a 12% fall in fee and commission income during the period. <\/p>\n\n\n\n

Additionally, foreign exchange income was notably low, recorded at PKR 102 million<\/strong>\u2014down 79%<\/strong> from the previous quarter. <\/p>\n\n\n\n

However, the bank benefited from a provisioning reversal of PKR 935 million<\/strong>, which was 2.7 times<\/strong> higher than the previous quarter, providing some relief to the overall financial picture.<\/p>\n\n\n\n

The cost-to-income ratio for MEBL remained stable at 29%<\/strong>, consistent with the previous quarter and the same quarter last year. <\/p>\n\n\n\n

Non-markup expenses increased to PKR 22.1 billion, reflecting a 4% quarter-on-quarter rise <\/strong>and a 35% increase year-on-year<\/strong>. <\/p>\n\n\n\n

The effective tax rate for the quarter was 51%<\/strong>, slightly lower than the previous quarter’s 52%.<\/p>\n\n\n\n

Alongside these results, Meezan Bank announced a cash dividend of PKR 7 per share<\/strong>, bringing the total payout for the first half of 2024 to PKR 14 per share<\/strong>, compared to PKR 7 per share in the same period last year. <\/p>\n\n\n\n

This dividend reflects a payout ratio of 47%<\/strong>, indicating the bank’s commitment to returning value to its shareholders.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Meezan Bank Limited (MEBL) has recently released its financial results for the second quarter of the calendar year 2024, showcasing a strong performance that aligns well with market expectations. <\/p>\n","protected":false},"author":4890,"featured_media":4075,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[138,2],"tags":[28],"class_list":["post-6043","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financials","category-psx-blog","tag-mebl"],"featured_image_src":{"landsacpe":["https:\/\/ksestocks.com\/blog\/wp-content\/uploads\/2024\/04\/MEBL-Financials-1140x445.png",1140,445,true],"list":["https:\/\/ksestocks.com\/blog\/wp-content\/uploads\/2024\/04\/MEBL-Financials-463x348.png",463,348,true],"medium":["https:\/\/ksestocks.com\/blog\/wp-content\/uploads\/2024\/04\/MEBL-Financials-300x188.png",300,188,true],"full":["https:\/\/ksestocks.com\/blog\/wp-content\/uploads\/2024\/04\/MEBL-Financials.png",1920,1200,false]},"_links":{"self":[{"href":"https:\/\/ksestocks.com\/blog\/wp-json\/wp\/v2\/posts\/6043","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ksestocks.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ksestocks.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ksestocks.com\/blog\/wp-json\/wp\/v2\/users\/4890"}],"replies":[{"embeddable":true,"href":"https:\/\/ksestocks.com\/blog\/wp-json\/wp\/v2\/comments?post=6043"}],"version-history":[{"count":0,"href":"https:\/\/ksestocks.com\/blog\/wp-json\/wp\/v2\/posts\/6043\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ksestocks.com\/blog\/wp-json\/wp\/v2\/media\/4075"}],"wp:attachment":[{"href":"https:\/\/ksestocks.com\/blog\/wp-json\/wp\/v2\/media?parent=6043"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ksestocks.com\/blog\/wp-json\/wp\/v2\/categories?post=6043"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ksestocks.com\/blog\/wp-json\/wp\/v2\/tags?post=6043"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}