Annual Report 2009 - Meezan Bank

Profit and Loss Account
For the year ended December 31, 2009
Note 2009 2008
Rupees in ‘000
Profit / return earned on financings, investments and placements 23 10,102,060 6,803,213
Return on deposits and other dues expensed 24 4,969,916 3,088,334
Net spread earned 5,132,144 3,714,879
Provision against non-performing financings (net) 11.7 1,430,536 428,436
Provision for diminution in value of investments and impairment 10.10 88,640 288,884
Bad debts written off directly - -
1,519,176 717,320
Net spread after provisions 3,612,968 2,997,559
OTHER INCOME
Fee, commission and brokerage income 529,260 431,725
Dividend income 189,973 243,585
Income from dealing in foreign currencies 752,904 304,692
Capital gain on sale of investments - net 25 76,160 47,001
Unrealised loss on held for trading investments 10.11 - (23,014)
Impairment on reclassification of securities from held for
trading to available for sale securities - (362,751)
Other income 26 49,507 66,670
Total other income 1,597,804 707,908
5,210,772 3,705,467
OTHER EXPENSES
Administrative expenses 27 3,530,161 2,626,606
Other provisions / write offs / (reversals) (60,859) 86,263
Other charges 28 1,747 287
Total other expenses 3,471,049 2,713,156
1,739,723 992,311
Extraordinary / unusual items - -
PROFIT BEFORE TAXATION 1,739,723 992,311
Taxation - Current 29 1,440,374 314,790
- Prior years - -
- Deferred (726,002) 56,334
714,372 371,124
PROFIT AFTER TAXATION 1,025,351 621,187
Unappropriated profit brought forward 570,114 1,219,228
Profit before appropriations 1,595,465 1,840,415
Rupees
Basic and diluted earnings per share 30 1.71 1.22
The annexed notes 1 to 42 form an integral part of these financial statements.
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H.E. Sheikh Ebrahim Irfan Siddiqui Naser Abdul Mazhar
Bin Khalifa Al-Khalifa President and Mohsen Al-Marri Sharif
Chairman Chief Executive Director Director