MEEZAN BANK'S Q1 PROFIT AND TAX SURGES TO 97PC.

Byline: S. KAMAL HAYDER KAZMI

The economic experts of Pakistan stated that Pakistani economy presently faces challenges similar to other developing countries in the world. The economy, stock market and rupee were getting stronger before coronavirus and as soon as Pakistan overcomes this pandemic, the country s economy will bounce back. Despite the present situation of Pakistan, Meezan Bank continued to perform well during the first quarter ended March 31, 2020 and registered profit after tax of Rs 5,505 million from Rs 2,800 million in same period last year - a growth of 97 percent. Meezan Bank is Pakistan's best bank and the first and largest Islamic bank as well as the fastest growing financial institutions in the banking sector of Pakistan.

Meezan Bank provides a wide range of Islamic banking products and services by a retail banking network in Pakistan. The Management of Meezan Bank operates strictly under the rules of Islamic Shariah and is well recognized for its product development capability, Islamic banking research and advisory services. In order to ensure strict Shariah-compliance in all its products and services, the management has organized a dedicated product development and Shariah compliance department that operates under the supervision of the Bank's in-house resident Shariah board member as a Shariah supervisory board comprising of internationally renowned Shariah scholars.

In the financial report of the Bank, the experts showed that the earnings per share - on improved capital grew to Rs 4.28 per share from Rs 2.18 per share in March 2019. Meezan Bankis non-funded income grew to Rs 3.2 billion from Rs 1.9 billion in the same period previous year - a growth of 64 percent mainly because of higher foreign exchange income and gain on sale of securities of Rs 680 million. The financial experts of the bank also registered that the bankis operating and other expenses grew to Rs 7,111 million from Rs 5,451 million in same period last year mainly because of rise in cost associated with opening of 98 new branches from March 2019 - an investment in future.

However, this rise in expenses is adequately absorbed through the growth in the bankis funded and non-funded income resulting in improvement in income efficiency ratio. Statistics showed in the Bankis report that Meezan Bankis income efficiency ratio now stands at 40 percent as against to 51 percent in March 2019. The Management of the Bank...