Meezan Bank (MEBL) Q4 2024 earnings summary

Executive summary

• Achieved 20% year-over-year growth in profit after tax, reaching Rs 101.5 billion for 2024.

• Total assets increased by 29% to Rs 3.90 trillion, and deposits grew 17% to Rs 2.58 trillion.

• Maintained position as the most profitable bank in Pakistan for the third consecutive year.

• Expanded branch network by 47 new branches, totaling 1,051 branches across 351 cities.

• Distributed 280% cash dividend to shareholders for 2024.

Financial highlights

• Profit after tax rose 20% to Rs 101.5 billion compared to Rs 84.5 billion in 2023.

• Cost to income ratio improved to 26.8% from 28.9% year-over-year.

• Return on equity was 47%, down from 56.3% in 2023.

• Basic earnings per share increased to Rs 56.62, up 20% year-over-year.

• Gross financings grew 57% to Rs 1.56 trillion; investments up 19% to Rs 1.87 trillion.

Outlook and guidance

• Continued focus on digital expansion and customer acquisition.

• Emphasis on maintaining high asset quality and strong capital adequacy.

• Plans to further grow branch network and digital channels.