Karachi August 8 2024: Meezan Bank announced its financial results for the half-year ending in 2024, reporting a profit after tax of PKR 52,108 million, equivalent to PKR 29.09 per share. This represents a 59 percent increase compared to the same period last year.
Share price of the bank surged 82.57 percent in a period of last one year, according to data available at Pakistan Stock Exchange.
With this result, the bank’s profit over the last twelve months has surpassed PKR 100 billion, making it the first bank and the third company listed on the Pakistan Stock Exchange to achieve this milestone. Shahid Ali Habib, CEO of Arif Habib Limited, highlighted this achievement in a message posted on the social media platform X.
During the second quarter of CY24, the bank’s Net return reached PKR 70.4 billion, showing a 42 percent YoY increase and a 4 percent QoQ rise. For the first half of CY24, the total Net return increased by 52 percent YoY to PKR 137.9 billion. Profit earned rose by 29 percent YoY and 9 percent QoQ, while profit expenses increased by 16 percent YoY and 16 percent QoQ, according to a note from Muhammad Abrar, an analyst at Arif Habib Limited.
