KARACHI: Meezan Bank Ltd earned a profit after tax of Rs15.23 billion during 2019, as compared to Rs8.96bn in the previous year, recording a massive growth of 70 per cent.

Earnings per share increased to Rs11.84 from Rs 6.97 the year before. The return on average equity (including surplus on assets) rose to 30.66pc in 2019 versus 23.77pc in 2018. The board also approved 20pc final cash dividend (Rs2 per share) for 2019, bringing the total annual payout to Rs5.

Meezan’s return on financings, investments and placements increased from to Rs94.3bn in 2019 from Rs48.6bn, a jump of 94pc.

Soneri earns Rs1.906bn

Soneri Bank posted PAT of Rs1.906bn in 2019, up 6.86pc over Rs1.784bn in 2018.

This took the EPS to Rs1.7289 from Rs1.6179. The board of directors also announced cash dividend for CY19 at 10pc ie Re1 per share.

Net Interest Income (NII) for the year was reported at Rs7.926bn, improving by 14pc primarily due to improved volumes as well as spreads.

Published in Dawn, February 14th, 2020