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.