Home PSX Meezan Bank undertakes three major projects in digital space

Meezan Bank undertakes three major projects in digital space

Meezan Bank Limited (MEBL) conducted its corporate briefing session yesterday to discuss the latest financial performance and future outlook of the bank.

To recall, the bank posted an increase of 11.39% in its half-year net profits, standing at Rs12.90 billion which translated into an EPS of Rs9. This growth in earnings was primarily driven by a robust jump in Non-Funded Income of 36%YoY, lower provisions coupled with higher growth in non-remunerative deposits.

Despite a sharp fall in the interest rate during the said period, the Net spread of the bank went down by just 4% YoY in 1H2021 as a higher volume of earnings assets and current accounts supported the net spread of the bank.

The bank’s deposits grew by 32%YoY during 1HCY21 as against industry growth of 22% over the same period. Accordingly, the bank’s market share of deposits increased to 7%. However, the management expects this deposit growth would normalize to 18% in the near term.  

Similarly, CASA of the bank expanded to 80% in the said period compared to 75% in 1HCY20.

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