Meezan Bank Financials: Ratio Analysis & Annual Report
Meezan Bank's financial figures here trace directly to its audited annual report and official results announcements, with every ratio calculated from those same disclosed figures and the formula shown. Coverage includes FY2025 audited results, H1 2026 reported figures, and a full ratio breakdown across profitability, asset quality, capital strength, liquidity, efficiency, and market valuation.
This page holds Meezan Bank financials straight from the source — not marketing copy, not estimates dressed up as facts. Every figure traces to Meezan's annual report or official results announcements, and every ratio in our Meezan Bank ratio analysis below is calculated from those same disclosed figures with the formula shown, so you can see exactly how each number was derived.
It's organized the way a credit analyst would actually read a bank's numbers: profitability first, then asset quality, capital strength, liquidity and funding, efficiency, and finally market valuation. If you're comparing Meezan against another bank, this structure is what to replicate.
FY2025 Annual Report Results (year ended Dec 31, 2025)
| Metric | FY2025 | FY2024 |
|---|---|---|
| Profit After Tax | Rs 89.0bn | Rs 101.5bn |
| Return on Equity (ROE) | 34% | — |
| Earnings Per Share (EPS) | Rs 49.54 | Rs 56.62 |
| Total Deposits | Rs 3.30tn | Rs 2.58tn |
| Gross Financings | Rs 1.69tn | — |
| Non-Funded Income | Rs 32.6bn | Rs 28.9bn |
| Net Spread Earned | Rs 252.5bn | Rs 287bn |
| Non-Performing Financing Ratio | 1.8% | — |
| Capital Adequacy Ratio | 19.2% | 20.35% |
| Total Cash Dividend (per share) | Rs 28 (280%) | Rs 28 (280%) |
| Market Capitalization (per Directors' Review, end Q1 2026) | $2.92bn / Rs 815bn | — |
Source: Meezan Bank's official results announcement (Board meeting Feb 9, 2026), meezanbank.com. FY2024 ROE and full-year NPF ratio weren't stated in Meezan's year-end press releases, so those cells stay blank. Deposit growth reflects a 28% YoY increase; the PAT decline vs. 2024 reflects a lower policy-rate environment compressing net spread — worth its own explainer for readers who assume "bank profit down" is automatically bad news for depositors.
Latest Reported Period — Half Year Ended June 30, 2026
| Metric | H1 2026 | H1 2025 |
|---|---|---|
| Profit After Tax (standalone) | Rs 48.88bn | Rs 46.16bn |
| Profit After Tax (consolidated) | Rs 48.64bn | Rs 47.14bn |
| Basic EPS (standalone) | Rs 27.15 | Rs 25.72 |
| Total Assets (standalone) | Rs 5.14tn | — |
| Total Deposits (standalone) | Rs 3.74tn | — |
| Investments (standalone) | Rs 2.90tn | — |
| Islamic Financing & Related Assets (standalone) | Rs 1.59tn | — |
| Net Assets / Equity (standalone) | Rs 288.66bn | — |
| Second Interim Dividend (for H1 2026) | Rs 8.00/share (80%) | — |
| Cumulative Interim Dividends Declared, FY2026 to Date | Rs 15.50/share (155%) | — |
Source: Meezan Bank's official PSX filing "Financial Results for the Half Year Ended June 30, 2026" (Letter Ref. MEBL/CS/PSX-21/078/2026, Board meeting August 6, 2026), including the unconsolidated and consolidated condensed interim financial statements annexed to it. The Rs 8/share (80%) second interim dividend is in addition to the Rs 7.50/share (75%) first interim dividend already paid for Q1 2026 — Rs 15.50/share combined so far this year. Entitlement goes to shareholders on the register as of August 18, 2026; the share transfer books close August 19–20, 2026.
Q1 2026 Results (ended March 31, 2026)
| Metric | Q1 2026 | Q1 2025 |
|---|---|---|
| Profit After Tax | Rs 23.4bn | Rs 22.0bn |
| EPS | Rs 13.00 | Rs 12.28 |
| Annualised ROE | 34.0% | 36.2% |
| Total Assets | Rs 4.79tn | Rs 4.0tn |
| Total Deposits | Rs 3.6tn | Rs 2.9tn |
| Advances (Gross) | Rs 1.5tn | Rs 1.44tn |
| Investments | Rs 2.68tn | Rs 2.05tn |
| Interim Dividend | Rs 7.50/share (75%) | Rs 7.00/share (70%) |
| Credit Rating (VIS) | AAA/A-1+ Stable | — |
Source: Meezan Bank's official Q1 2026 results announcement (Board meeting April 23, 2026), meezanbank.com, cross-checked against contemporaneous coverage (ProPakistani, Business Recorder). Quarterly results like this one are reviewed, not fully audited — full independent audit applies to the annual accounts only (FY2025 above). Advances falling 9% while deposits rose 10% is worth watching — it can signal cautious lending or seasonal repayment patterns rather than weaker demand alone.
Ratio Analysis (FY2025 Audited Accounts)
Profitability
| Ratio | FY2025 | Formula / Note |
|---|---|---|
| Return on Equity (ROE) | 34% | As disclosed |
| Return on Assets (ROA) | ≈1.86% | PakFinHub calc: Rs 89.0bn PAT ÷ ≈Rs 4.79tn total assets (year-end figure) |
| Net Spread Margin (proxy for NIM) | ≈5.3% | PakFinHub calc: Rs 252.5bn net spread ÷ ≈Rs 4.79tn total assets — a rough proxy, not a precise NIM since the true denominator (average earning assets) isn't disclosed in the sources used |
| Non-Funded Income Ratio | ≈11.4% | PakFinHub calc: Rs 32.6bn non-funded income ÷ (Rs 252.5bn net spread + Rs 32.6bn) |
Asset Quality
| Ratio | FY2025 | Formula / Note |
|---|---|---|
| Non-Performing Financing (NPF) Ratio | 1.8% | As disclosed |
Capital Strength
| Ratio | FY2025 | Formula / Note |
|---|---|---|
| Capital Adequacy Ratio (CAR) | 19.2% | As disclosed (regulatory minimum: 11.5%) |
Liquidity & Funding
| Ratio | FY2025 | Formula / Note |
|---|---|---|
| Advances-to-Deposits Ratio | ≈51.2% | PakFinHub calc: Rs 1.69tn gross financings ÷ Rs 3.30tn deposits |
| Deposit Growth (YoY) | +28% | As disclosed |
| CASA Ratio (current + savings mix) | ≈93% | From Q1 2026 investor summary data, not Meezan's own FY2025 press release — treat as approximate/indicative for FY2025 |
Efficiency
| Ratio | FY2025 | Formula / Note |
|---|---|---|
| Net Spread Growth (YoY) | -12.0% | PakFinHub calc: (Rs 252.5bn − Rs 287bn) ÷ Rs 287bn — reflects a lower policy-rate environment compressing spread income |
Market Valuation
| Ratio | Value | Formula / Note |
|---|---|---|
| Earnings Per Share (EPS) | Rs 49.54 | As disclosed, FY2025 |
| Dividend Payout Ratio | ≈56.5% | PakFinHub calc: Rs 28 total FY2025 dividend/share ÷ Rs 49.54 EPS |
| Price-to-Earnings (P/E) | ≈9.9x | Third-party analyst estimate (Topline Securities), not calculated by PakFinHub or disclosed by Meezan — cited for reference only |
| Price-to-Book (P/B) | ≈2.6x | Third-party analyst estimate (Topline Securities) — same caveat as above |
| Dividend Yield | ≈6% | Third-party analyst estimate (Topline Securities) — same caveat as above |
Valuation ratios (P/E, P/B, dividend yield) depend on the live share price, which is PSX market data — we're citing third-party analyst figures rather than calculating our own from a live price, consistent with PSX's data redistribution terms. These will drift as the share price moves; treat them as indicative, not current.
Is Meezan Bank Safe? A Depositor's View
Key Aspects Worth Understanding
Profit fell while ROE held steady
PAT dropped from Rs 101.5bn to Rs 89.0bn, but ROE still hit 34% — a reminder that ROE measures profit relative to equity, not an absolute profit trend.
Spread compression, not a demand problem
Net spread fell 12% YoY mainly due to a lower policy-rate environment, not weaker loan demand — classic interest-rate transmission into an Islamic bank's spread income.
Fee income is quietly growing
Non-funded income rose 13% YoY to Rs 32.6bn — a sign the bank is diversifying away from pure spread income, which matters more as rates fall further.
Conservative advances-to-deposits ratio
At ~51%, Meezan lends out roughly half of what it takes in deposits — conservative by conventional-bank standards, partly a structural feature of Islamic banks' asset-based financing model.
Capital buffer well above regulation
CAR of 19.2% against an 11.5% requirement gives meaningful headroom to absorb shocks.
Deposit growth outpacing the sector narrative
28% YoY deposit growth against a 28% rise in deposits crossing Rs 3.3tn — worth comparing against industry-wide deposit growth to see if Meezan is gaining share.
Latest Official Announcements
| Date | Announcement |
|---|---|
| Aug 17, 2026 | Cessation of directorship of Mr. Tariq Mahmood Pasha, Non-Executive Director |
| Aug 10, 2026 | Notice of book closure (Aug 19–20) for entitlement of second interim cash dividend, Rs 8/share (80%) |
| Aug 6, 2026 | H1 2026 results approved: standalone PAT Rs 48.88bn, EPS Rs 27.15; second interim dividend of Rs 8/share (80%) declared, on top of the Rs 7.50/share (75%) already paid for Q1 |
| Jul 27, 2026 | Notice of Board Meeting and Closed Period |
| Apr 23, 2026 | Q1 2026 results approved: PAT Rs 23.4bn, interim dividend Rs 7.50/share (75%) |
| Mar 2026 | Entity rating reaffirmed at AAA/A-1+ with Stable outlook by VIS Credit Rating Company |
| Feb 9, 2026 | FY2025 audited results approved: PAT Rs 89.0bn, final dividend Rs 7/share, total FY2025 dividend Rs 28/share (280%) |
Compiled from Meezan Bank's official results announcements on meezanbank.com. This list will need periodic refreshing — recommend checking meezanbank.com's Media Centre/Financial Information pages before each content update cycle.
More on Meezan Bank
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Financial Results
FY2025 audited results and ratio analysis.
Digital Banking
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Helpline & Complaints
Contact numbers and escalation path.
Fraud & Security
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