Meezan Bank : FINANCIAL RESULTS FOR THE QUARTER ENDED MARCH 31, 2024

Annexure - C

Reference: Letter No. MEBL/CS/PSX-19/047/2024 dated April 18, 2024

MEEZAN BANK LIMITED

FINANCIAL STATEMENT

FOR THE QUARTER ENDED MARCH 31, 2024

MEEZAN BANK LIMITED

UNCONSOLIDATED FINANCIAL STATEMENT FOR THE QUARTER ENDED MARCH 31, 2024

1

MEEZAN BANK LIMITED

CONDENSED INTERIM UNCONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT MARCH 31, 2024

	Note	March 31,	December 31,
		2024	2023
		(Unaudited)	(Audited)
		--------------(Rupees in '000)--------------
ASSETS
Cash and balances with treasury banks	6	231,685,428	242,611,556
Balances with other banks	7	13,380,314	11,452,256
Due from financial institutions	8	34,964,299	34,964,299
Investments	9	1,626,292,181	1,572,387,620
Islamic financing and related assets	10	896,555,304	961,673,012
Property and equipment	11	41,907,890	39,046,484
Right-of-use assets	12	19,549,123	19,571,852
Intangible assets	13	2,178,416	2,271,709
Deferred tax asset		-	-
Other assets	14	176,142,015	128,129,969
Total Assets		3,042,654,970	3,012,108,757
LIABILITIES
Bills payable	15	39,338,264	39,724,176
Due to financial institutions	16	332,839,285	377,494,612
Deposits and other accounts	17	2,270,071,554	2,217,473,924
Lease liability against right-of-use assets	18	22,581,997	22,093,855
Sub-ordinated sukuk	19	20,990,000	20,990,000
Deferred tax liabilities	20	2,167,827	4,213,492
Other liabilities	21	160,078,876	145,211,181
Total Liabilities		2,848,067,803	2,827,201,240
NET ASSETS		194,587,167	184,907,517
REPRESENTED BY
Share capital		17,912,532	17,912,532
Reserves		39,731,690	37,082,157
Surplus on revaluation of assets - net of tax	22	11,498,728	10,920,597
Unappropriated profit		125,444,217	118,992,231
		194,587,167	184,907,517
CONTINGENCIES AND COMMITMENTS	23

The annexed notes 1 to 42 form an integral part of this condensed interim unconsolidated financial information.

_________________	__________________	_________________	_________________	_________________
Chairman	President and	Director	Director	Chief Financial Officer
	Chief Executive

2

MEEZAN BANK LIMITED

CONDENSED INTERIM UNCONSOLIDATED PROFIT AND LOSS ACCOUNT (UNAUDITED)

FOR THE QUARTER ENDED MARCH 31, 2024

	Note	Quarter	Quarter
		ended	ended
		March 31,	March 31,
		2024	2023
		-------------(Rupees in '000)-------------
Profit / return earned on Islamic financing and related assets,
investments and placements	24	119,145,992	81,952,946
Profit / return on deposits and other dues expensed	25	51,581,860	40,907,273
Net profit / return		67,564,132	41,045,673
OTHER INCOME
Fee and Commission Income	26	5,048,904	3,598,109
Dividend income		442,647	241,252
Foreign Exchange Income / (Loss)		477,930	(155,042)
Gain / (loss) on securities	27	60,100	(105,717)
Net gains on derecognition of financial assets measured
at amortised cost		-	-
Other income	28	327,973	286,882
Total other income		6,357,554	3,865,484
Total income		73,921,686	44,911,157
OTHER EXPENSES
Operating expenses	29	19,956,911	14,344,691
Workers Welfare Fund		1,118,616	589,508
Other charges	30	132,596	2,828
Total other expenses		21,208,123	14,937,027
Profit before credit loss allowance / provisions		52,713,563	29,974,130
Credit loss allowance / provisions / reversals and write offs - net	31	(344,143)	2,129,887
Extra ordinary / unusual items		-	-
PROFIT BEFORE TAXATION		53,057,706	27,844,243
Taxation	32	27,650,918	12,420,072
PROFIT AFTER TAXATION		25,406,788	15,424,171
		--------------- Rupees ----------------------
Basic earnings per share	33	14.18	8.62
Diluted earnings per share	34	14.12	8.61

The annexed notes 1 to 42 form an integral part of this condensed interim unconsolidated financial information.

___________________	___________________	___________________	___________________	__________________
Chairman	President and	Director	Director	Chief Financial Officer
	Chief Executive

3

MEEZAN BANK LIMITED

CONDENSED INTERIM UNCONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) FOR THE QUARTER ENDED MARCH 31, 2024

Note	Quarter	Quarter
	ended	ended
	March 31,	March 31,
	2024	2023
	--------------(Rupees in '000)------------
Profit after taxation for the quarter	25,406,788	15,424,171
Other comprehensive loss
Items that may be reclassified to profit and loss account in
subsequent periods:
- Movement in deficit on revaluation of debt investments
through FVOCI - net of tax	(1,764,434)	-
- Gain on derecognition of Debt investments at FVOCI
- reclassified to profit or loss - net of tax	(30,651)	-
- Movement in deficit on revaluation of available for sale
investments - net of tax	-	(3,063,854)
Items that will not be reclassified to profit and loss account in
subsequent periods:
- Movement in surplus on revaluation of equity investments
through FVOCI - net of tax	17,795	-
- Gain on sale of equity shares - FVOCI	61,393	-
Total Comprehensive Income for the quarter	23,690,891	12,360,317

The annexed notes 1 to 42 form an integral part of this condensed interim unconsolidated financial information.

___________________ ____________________ ___________________ ___________________ _________________

Chairman	President and	Director	Director	Chief Financial Officer
	Chief Executive

4

MEEZAN BANK LIMITED

UNCONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE QUARTER ENDED MARCH 31, 2024

Capital reserves

Revenue	Surplus / (deficit) on
reserves	revaluation of

				Non
				Distribut-	Employee				Unappro-
	Share			able	share
					Non-	priated	Total
	capital	Share	Statutory	Capital	option	General	Invest-
	banking	profit
		premium	reserve*	Reserve -	compensa-	reserve	ments
		Assets
				Gain on	tion
				Bargain	reserve
				Purchase
	---------------------------------------------------------------------------------(Rupees in '000)------------------------------------------------------------------------------
Balance as at January 01, 2023	17,896,243	2,406,571	22,169,518	3,117,547	427,419	66,766	(666,349)	2,678	69,900,300	115,320,693
Profit after taxation for the quarter ended March 31, 2023	-	-	-	-	-	-	-	-	15,424,171	15,424,171
Other Comprehensive loss for the quarter ended
March 31, 2023 - net of tax
'- Movement in surplus / (deficit) on revaluation of
available for sale investments - net of tax	-	-	-	-	-	-	(3,063,854)	-	-	(3,063,854)
Total other comprehensive income - net of tax	-	-	-	-	-	-	(3,063,854)	-	-	(3,063,854)
Transfer from surplus in respect of incremental depreciation of
Non-banking assets to unappropriated profit - net of tax	-	-	-	-	-	-	-	(3)	3	-
Recognition of share based compensation	-	-	-	-	85,366	-	-	-	-	85,366
Other appropriations
Transfer to statutory reserve*	-	-	1,542,417	-	-	-	-	-	(1,542,417)	-
Transactions with owners recognised directly in equity
Final cash dividend for the year 2022 @ Rs 3 per share	-	-	-	-	-	-	-	-	(5,368,873)	(5,368,873)
Balance as at March 31, 2023	17,896,243	2,406,571	23,711,935	3,117,547	512,785	66,766	(3,730,203)	2,675	78,413,184	122,397,503
Profit after taxation for the nine months period ended
December 31, 2023	-	-	-	-	-	-	-	-	69,051,471	69,051,471
Other Comprehensive income for the nine months period ended
December 31, 2023 - net of tax
'- Movement in surplus / (deficit) on revaluation of
available for sale investments - net of tax	-	-	-	-	-	-	14,650,800	-	-	14,650,800
'- Remeasurement gain / (loss) on defined benefit
obligations - net of tax	-	-	-	-	-	-	-	-	(123,510)	(123,510)
'- Movement in surplus on revaluation of non-banking
assets - net of tax	-	-	-	-	-	-	-	(2,674)	-	(2,674)
Total other comprehensive income - net of tax	-	-	-	-	-	-	14,650,800	(2,674)	(123,510)	14,524,616
Transfer from surplus in respect of incremental depreciation of
Non-banking assets to unappropriated profit - net of tax	-	-	-	-	-	-	-	(1)	1	-
Recognition of share based compensation	-	-	-	-	324,380	-	-	-	-	324,380
Other appropriations
Transfer to statutory reserve*	-	-	6,905,147	-	-	-	-	-	(6,905,147)	-
Transactions with owners recognised directly in equity
First interim cash dividend for the year 2023 @ Rs 3 per share	-	-	-	-	-	-	-	-	(5,368,873)	(5,368,873)
Second interim cash dividend for the year 2023
@ Rs 4 per share	-	-	-	-	-	-	-	-	(7,165,013)	(7,165,013)
Third interim cash dividend for the year 2023
@ Rs 5 per share	-	-	-	-	-	-	-	-	(8,956,266)	(8,956,266)
	-	-	-	-	-	-	-	-	(21,490,152)	(21,490,152)
Issue of 1,628,873 shares under the Employees share option
scheme	16,289	219,870	-	-	(182,844)		-	-	46,384	99,699
Balance as at December 31, 2023	17,912,532	2,626,441	30,617,082	3,117,547	654,321	66,766	10,920,597	-	118,992,231	184,907,517