Meezan Overtakes HBL as the 2nd Most Profitable Bank in Pakistan
Meezan Bank Limited has also overtaken HBL in the first quarters of 2022 in profitability.
A profit of Rs. 9.2 billion was announced for Q1-2022, beating Habib Bank Limited’s profit of Rs. 8.5 billion in the corresponding period, as per the financial data. By the conclusion of the first quarter of 2022, the bank’s profit was even with UBL’s, Rs 9.3 billion.
Meezan Bank’s earnings increased by 50% from Rs on a year-over-year basis. 6.1 billion in the same time last year. From Rs. 3.75 to Rs. 5.66 in earnings per share by the end of March 2022, the bank’s stock price has grown four-fold.
The earnings driven by the spread income of Meezan Bank climbed to Rs. 21.4 billion at the end of the third quarter from Rs. 15 billion at the end of March. There was an increase of Rs. 4.3 billion in bank margins from other sources in March 2022, compared to the previous year. The bank has been involved in various financing schemes, including the government’s Sukuks, while also engaging extensively.
The fight for profitability appears to be becoming hotter among the top three banks in the country. In the following three quarters of this year, banks’ financial performance might shift their place in the rankings.
