Annexure C
MEEZAN BANK LIMITED
FINANCIAL STATEMENT
FOR THE PERIOD ENDED SEPTEMBER 30, 2023
MEEZAN BANK LIMITED
UNCONSOLIDATED FINANCIAL STATEMENT FOR THE PERIOD ENDED SEPTEMBER 30, 2023
1
MEEZAN BANK LIMITED
CONDENSED INTERIM UNCONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT SEPTEMBER 30, 2023
Note | September 30, | December 31, | |
2023 | 2022 | ||
(Unaudited) | (Audited) | ||
--------------(Rupees in '000)-------------- | |||
ASSETS | |||
Cash and balances with treasury banks | 6 | 187,840,849 | 117,743,106 |
Balances with other banks | 7 | 11,749,670 | 13,676,159 |
Due from financial institutions | 8 | 34,964,299 | 34,964,299 |
Investments | 9 | 1,550,599,951 | 1,283,210,287 |
Islamic financing and related assets | 10 | 929,060,571 | 995,508,354 |
Fixed assets | 11 | 45,501,842 | 40,426,520 |
Intangible assets | 12 | 1,861,276 | 1,843,984 |
Deferred tax assets | 13 | 9,903,498 | 4,646,002 |
Other assets | 14 | 169,898,012 | 85,378,800 |
2,941,379,968 | 2,577,397,511 | ||
LIABILITIES | |||
Bills payable | 15 | 41,913,696 | 40,175,122 |
Due to financial institutions | 16 | 559,896,268 | 573,326,439 |
Deposits and other accounts | 17 | 2,010,356,025 | 1,658,490,118 |
Sub-ordinated sukuks | 18 | 20,990,000 | 20,990,000 |
Deferred tax liabilities | - | - | |
Other liabilities | 19 | 154,080,239 | 169,095,139 |
2,787,236,228 | 2,462,076,818 | ||
NET ASSETS | 154,143,740 | 115,320,693 | |
REPRESENTED BY | |||
Share capital | 32.2 | 17,912,532 | 17,896,243 |
Reserves | 34,323,799 | 28,187,821 | |
Deficit on revaluation of assets - net of tax | 20 | (2,369,875) | (663,671) |
Unappropriated profit | 104,277,284 | 69,900,300 | |
154,143,740 | 115,320,693 | ||
CONTINGENCIES AND COMMITMENTS | 21 |
The annexed notes 1 to 39 form an integral part of these condensed interim unconsolidated financial statements.
___________________ ____________________ ___________________ ___________________ ___________________
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 AND NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2023
Note | Quarter | Nine months | Quarter | Nine months | |
ended | period ended | ended | period ended | ||
September 30, | September 30, | September 30, | September 30, | ||
2023 | 2023 | 2022 | 2022 | ||
---------------------------------- | (Rupees in '000)---------------------------------- | ||||
Profit / return earned on Islamic financing and related | |||||
assets, investments and placements | 22 | 120,831,793 | 303,816,525 | 65,582,358 | 153,878,806 |
Profit / return on deposits and other dues expensed | 23 | 56,764,877 | 149,171,412 | 33,855,422 | 76,729,876 |
Net profit / return | 64,066,916 | 154,645,113 | 31,726,936 | 77,148,930 | |
OTHER INCOME | |||||
Fee and commission income | 24 | 4,603,452 | 12,388,468 | 3,438,653 | 9,600,144 |
Dividend income | 129,467 | 587,931 | 128,466 | 552,119 | |
Foreign exchange income | 1,575,301 | 2,116,102 | 734,743 | 3,866,649 | |
(Loss) / gain on securities | 25 | (526,272) | (901,785) | (104,612) | 76,999 |
Other income | 26 | 410,794 | 977,606 | 190,759 | 950,300 |
Total other income | 6,192,742 | 15,168,322 | 4,388,009 | 15,046,211 | |
Total income | 70,259,658 | 169,813,435 | 36,114,945 | 92,195,141 | |
OTHER EXPENSES | |||||
Operating expenses | 27 | 18,453,489 | 48,241,778 | 12,279,116 | 32,744,892 |
Workers welfare fund | 1,050,119 | 2,535,151 | 506,021 | 1,242,851 | |
Other charges | 28 | 3,545 | 55,825 | 83,091 | 89,024 |
Total other expenses | 19,507,153 | 50,832,754 | 12,868,228 | 34,076,767 | |
Profit before provisions | 50,752,505 | 118,980,681 | 23,246,717 | 58,118,374 | |
Provisions and write offs - net | 29 | 781,825 | 4,415,969 | 545,866 | 1,735,254 |
Extra ordinary / unusual items | - | - | - | - | |
PROFIT BEFORE TAXATION | 49,970,680 | 114,564,712 | 22,700,851 | 56,383,120 | |
Taxation | 30 | 24,519,266 | 56,527,651 | 11,223,605 | 27,786,725 |
PROFIT AFTER TAXATION | 25,451,414 | 58,037,061 | 11,477,246 | 28,596,395 | |
--------------------------------------- | (Rupees)--------------------------------------- | ||||
Basic earnings per share | 31 | 14.21 | 32.42 | 6.41 | 15.98 |
Diluted earnings per share | 32 | 14.20 | 32.39 | 6.41 | 15.97 |
The annexed notes 1 to 39 form an integral part of these condensed interim unconsolidated financial statements.
___________________ ____________________ ___________________ ___________________ ___________________
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 AND NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2023
Note | Quarter | Nine months | Quarter | Nine months | |
ended | period ended | ended | period ended | ||
September 30, | September 30, | September 30, | September 30, | ||
2023 | 2023 | 2022 | 2022 | ||
----------------------------------- | (Rupees in '000)----------------------------------- | ||||
Profit after taxation for the period | 25,451,414 | 58,037,061 | 11,477,246 | 28,596,395 | |
Other comprehensive income | |||||
Items that may be reclassified to profit and loss | |||||
account in subsequent periods: | |||||
- Movement in (deficit) / surplus on revaluation of available | |||||
for sale investments - net of tax | 20 | (820,697) | (1,705,919) | 1,434,095 | (3,431,385) |
Items that will not be reclassified to profit and loss | |||||
account in subsequent periods: | |||||
- Movement in deficit on revaluation of non - | |||||
banking assets - net of tax | 20 | - | (281) | - | (1,544) |
Total Comprehensive Income for the period | 24,630,717 | 56,330,861 | 12,911,341 | 25,163,466 |
The annexed notes 1 to 39 form an integral part of these condensed interim unconsolidated financial statements.
___________________ ____________________ ___________________ ___________________ ___________________
Chairman | President and | Director | Director | Chief Financial Officer |
Chief Executive |
4
MEEZAN BANK LIMITED
CONDENSED INTERIM UNCONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2023
Capital reserves
Revenue | Surplus / (deficit) on |
reserves | revaluation of |
Non | |||||||||||
Advance | Distribut- | Employee | Unappro- | ||||||||
Share | able | share | |||||||||
against | Non- | priated | Total | ||||||||
capital | Share | Statutory | Capital | option | General | Invest- | |||||
issue of | banking | profit | |||||||||
premium | reserve* | Reserve - | compensa- | reserve | ments | ||||||
shares | Assets | ||||||||||
Gain on | tion | ||||||||||
Bargain | reserve | ||||||||||
Purchase | |||||||||||
-------------------------------------------------------------------------------------- | (Rupees in '000)----------------------------------------------------------------------------------- | ||||||||||
Balance as at January 01, 2022 (Audited) | 16,269,312 | - | 2,406,571 | 17,668,857 | 3,117,547 | 133,457 | 66,766 | 4,040,077 | 23,533 | 42,831,655 | 86,557,775 |
Profit after taxation for the nine months period ended September 30, 202 | - | - | - | - | - | - | - | - | - | 28,596,395 | 28,596,395 |
Other Comprehensive loss for the nine months period ended | |||||||||||
September 30, 2022 - net of tax | |||||||||||
- Movement in (deficit) / surplus on revaluation of | |||||||||||
available for sale investments - net of tax | - | - | - | - | - | - | - | (3,431,385) | - | - | (3,431,385) |
- Movement in (deficit) / surplus on revaluation of | |||||||||||
non - banking assets - net of tax | - | - | - | - | - | - | - | - | (1,544) | - | (1,544) |
Total other comprehensive loss - net of tax | - | - | - | - | - | - | - | (3,431,385) | (1,544) | - | (3,432,929) |
Transfer from surplus in respect of incremental depreciation of | |||||||||||
Non-banking assets to unappropriated profit - net of tax | - | - | - | - | - | - | - | - | (39) | 39 | - |
Recognition of share based compensation | - | - | - | - | - | 208,596 | - | - | - | - | 208,596 |
Other appropriations | |||||||||||
Transfer to statutory reserve* | - | - | - | 2,859,640 | - | - | - | - | - | (2,859,640) | - |
Transactions with owners recognised directly in equity | |||||||||||
Issue of bonus shares @ 10% | 1,626,931 | - | - | - | - | - | - | - | - | (1,626,931) | - |
Final cash dividend for the year 2021 @ Rs 1.5 per share | - | - | - | - | - | - | - | - | - | (2,440,397) | (2,440,397) |
First Interim cash dividend for the year 2022 @ Rs 1.75 per share | - | - | - | - | - | - | - | - | - | (2,847,130) | (2,847,130) |
Second Interim cash dividend for the year 2022 @ Rs 1.75 per share | - | - | - | - | - | - | - | - | - | (2,847,130) | (2,847,130) |
- | - | - | - | - | - | - | - | - | (8,134,657) | (8,134,657) | |
Balance as at September 30, 2022 (Unaudited) | 17,896,243 | - | 2,406,571 | 20,528,497 | 3,117,547 | 342,053 | 66,766 | 608,692 | 21,950 | 58,806,861 | 103,795,180 |
Profit after taxation for the quarter ended December 31, 2022 | - | - | - | - | - | - | - | - | - | 16,410,215 | 16,410,215 |
Other Comprehensive loss for the quarter ended | |||||||||||
December 31, 2022 - net of tax | |||||||||||
- Movement in (deficit) / surplus on revaluation of | |||||||||||
available for sale investments - net of tax | - | - | - | - | - | - | - | (1,275,041) | - | - | (1,275,041) |
- Remeasurement gain / (loss) on defined benefit | |||||||||||
obligations - net of tax | - | - | - | - | - | - | - | - | - | (96,555) | (96,555) |
- Movement in surplus on revaluation of non-banking | |||||||||||
assets - net of tax | - | - | - | - | - | - | - | - | (19,224) | - | (19,224) |
Total other comprehensive loss - net of tax | - | - | - | - | - | - | - | (1,275,041) | (19,224) | (96,555) | (1,390,820) |
Transfer from surplus in respect of incremental depreciation of | |||||||||||
Non-banking assets to unappropriated profit - net of tax | - | - | - | - | - | - | - | - | (48) | 48 | - |
Recognition of share based compensation | - | - | - | - | - | 85,366 | - | - | - | - | 85,366 |
Other appropriations | |||||||||||
Transfer to statutory reserve* | - | - | - | 1,641,021 | - | - | - | - | - | (1,641,021) | - |
Transactions with owners recognised directly in equity | |||||||||||
Third interim cash dividend for the year 2022 | |||||||||||
@ Rs 2 per share | - | - | - | - | - | - | - | - | - | (3,579,248) | (3,579,248) |
Balance as at December 31, 2022 (Audited) | 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 |
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Meezan Bank Ltd. published this content on 19 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 October 2023 09:32:31 UTC.