Meezan Bank Limited also outperformed Habib Bank Limited in terms of profitability during the first quarter, which ended on March 31, 2022.
According to the financial results, the bank earned Rs. 9.2 billion in profit in the first quarter of 2022, trailing Habib Bank Limited, which earned Rs. 8.5 billion in the same period.
The bank’s profit was even close to UBL’s profit, which was Rs. 9.3 billion at the end of the first quarter of 2022.
Meezan Bank’s profit increased by 50% year on year, from Rs. 6.1 billion to Rs. 6.1 billion in the same period last year. By the end of March 2022, the bank’s earnings per share will have risen from Rs. 3.75 to Rs. 5.66.
Meezan Bank’s earnings from spread income increased to Rs. 21.4 billion at the end of the quarter, up from Rs. 15 billion at the end of March last year. Bank margins from other sources increased to Rs. 4.3 billion by the end of March 2022, up from Rs. 3.5 billion last year.
The bank has been involved in a variety of financing schemes, and it has made significant investments in government-issued Sukuks.
In the race for profitability, it appears that the competition among the three leading banks has heated up.
However, depending on their financial performance, banks’ positions may change over the next three quarters of the calendar year.
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