Saturday, April 20, 2024

Meezan Overtakes HBL as Pakistan’s 2nd Most Profitable Bank

Meezan Bank Limited has recently outperformed Habib Bank Limited in terms of profitability in the first quarter of 2022, which concluded on March 31, 2022.

The bank made a profit of Rs. 9.2 billion in the first quarter of 2022, beating Habib Bank Limited, which made a profit of Rs. 8.5 billion in the same period.

The bank’s profit was even close to UBL’s, which ended the first quarter of 2022 with Rs. 9.3 billion in profit.

Meezan Bank’s earnings increased by 50% year on year to Rs. 6.1 billion, compared to Rs. 6.1 billion in the same period last year. However, by the end of March 2022, the bank’s earnings per share had risen from Rs. 3.75 to Rs. 5.66.

Additionally, the bank has been involved in a variety of financing schemes and has a major stake in government-issued Sukuks.

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