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Category: Corporate

  • China Power serves encashment notice as HUBCO standby letter of credit expires

    China Power serves encashment notice as HUBCO standby letter of credit expires

    KARACHI: China Power Hub Generation Company (CPHGC) on Wednesday served an encashment notice to Hub Power Company (HUBCO) under standby letter of credit (SBLC), which expires today i.e. November 23, 2022.

    According to a notice of Pakistan Stock Exchange (PSX), an encashment notice has been served by China Power Hub Generation Company (CPHGC) on November 23, 2022, under the Standby Letter of Credit (SBLC) – which expires today- on the issuing bank.

    READ MORE: Industries threaten mass protest against gas supply shutdown

    To recall, the Hub Power Company (HUBC) had provided SBLC for an aggregate amount of $150 million to guarantee an investment in the form of equity or subordinated debt to satisfy the funding shortfall, if any, in CPHGC;

    a) To achieve completion of the project to the satisfaction of the lenders; and

    b) To repay all principal, interest, fees or any other amounts that may fall due by CPHGC under the finance documents to the finance parties.

    READ MORE: SSGC stops gas supply to industries under load management plan

    Moreover, shares held by Hub Power Holding Limited (HPHL) in CPHGC were pledged in favor of the security trustee in order to secure the company and HPHL’s obligations under the financing documents of CPHGC.

    Analysts at Arif Habib Limited said HUBCO will have to provide a new SBLC within ten (10) days from the date of the encashment notice.

    READ MORE: Pakistan has sufficient stock of fuel to meet domestic demand

    In case of non-issuance of new SBLC, banks will disburse $150 million to CPHGC, as per the agreement. In this case, a liability (we are assuming subordinated debt) of the same amount will be booked on the books of HUBCO against a receivable from CPHGC.

    We believe, CPHGC will repay the SBLC amount to HUBCO after the project completion date (PCD). To recall, CPHGC has not achieved PCD yet.

    READ MORE: ECC approves raising petroleum levy to Rs50 per liter on RON 95

    In order to calculate the financial impact of the mark-up differential between the amount paid by HUBC to the banks and the amount charged from CPHGC along with the share of profit from associate, we have run a sensitivity assuming different spreads on mark-up charged from CPHGC by HUBC, as illustrated in the Exhibit below.

    Our base case scenario assumes zero spread as a company cannot charge a markup lower than its own cost from its associate on a subordinated loan, as per regulations, the analysts said.

  • ACCA, IFAC release guide on public financial management reforms

    ACCA, IFAC release guide on public financial management reforms

    A new joint guide by the Association of Chartered Certified Accountants (ACCA) and the International Federation of Accountants (IFAC) released at the World Congress of Accountants (WCOA) aims to boost PFM reforms across the globe by defining for the first time the idea of professionalisation specifically in the context of public sector finance.

    The guide also features case studies of good practice from Tanzania, the UK, Cyprus, the Philippines, Pakistan, Malaysia and Wales.

    A global guide for professionalisation in public sector finance provides a definition of what professionalisation means in public sector finance, sets out the benefits of professionalisation, and offers a high-level roadmap to support global good practice in professionalisation.

    Discussing the global guide ahead of a panel discussion at WCOA, Joseph Owolabi, ACCA president, said: “Professionalisation brings credibility, trust and confidence in public finances by supplementing the systems and public finance processes with the right skills for accountability, transparency, good governance and external scrutiny.

    A professionalised workforce within a finance function supplies more than accounting information. It brings wide value to public sector finances – providing improved revenue collection, effective budgetary controls, and the data required to support policy decision making.”

    Kevin Dancey, IFAC CEO, said: “We are looking to rebalance the focus so that it is not only on the process, but also on the people. The value of the accountancy profession, whether in the public or private sectors, comes from the experience, skills, judgement and ethical behaviour of its people. By increasing the number of professional accountants working in the public sector, we will no doubt add to the credibility and effectiveness of PFM, and reinforce trust in public services and spending.”

    Achieving professionalisation brings multiple benefits to the economy, governments and individuals. It means greater financial credibility for economies, improved financial management discipline for governments, and greater access to diverse career options for individuals.

    Alex Metcalfe, ACCA’s head of public sector, said: “Political leadership and commitment for professionalisation is the most important factor for sustaining PFM reforms over time. In some countries, there is a lack of recognition that change is needed at all. In other countries, PFM reforms have concentrated on moving from cash-based to accrual-based accounting. But now more effort is urgently required to professionalise public finance staff and provide opportunities for training for professional qualifications.”

  • SECP slaps penalties worth Rs4.78 billion on companies in FY22

    SECP slaps penalties worth Rs4.78 billion on companies in FY22

    ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has slapped monetary penalties amounting PKR 4.78 billion on registered companies during fiscal year 2021-2022.

    The SECP on Friday issued annual report for fiscal year 2021-2022. It said building on the initiatives of the previous fiscal year of establishment of a dedicated supervision division and a dedicated adjudication division, the SECP has concluded 579 cases through orders imposing penalties amounting to Rs77 million on listed companies and licensed entities on account of violation of relevant laws.

    READ MORE: Honda Cars Pakistan posts massive 85pc decline in half year profit

    Likewise, 85,519 orders were issued to unlisted companies imposing penalties amounting to Rs4.701 billion.

    SECP Chairman Aamir Khan has expressed his satisfaction that the Commission has achieved significant progress in multiple areas including transparent and fair enforcement, promoting ease of doing business, supporting innovation and entrepreneurship, financial inclusion and market development.

    In his message Amir Khan said that in pursuit of developmental reforms “the over-arching enablers were identified as promoting digitalisation, simplifying regulatory structure, reducing cost of compliance and invigorating the exchange of ideas and concepts with market participants and stakeholders”.

    READ MORE: Faysal Bank posts 51% growth in profit before tax

    This year, while moving further towards a functional based structure, the SECP has successfully consolidated its licensing activity under a centralized department. The centralization of licensing will bring uniformity, efficiency and transparency into the issuance and renewal of licenses, and related approvals.

    Other significant progress includes the issuance of digital mortgage certificates and acknowledgements of annual and other returns; issuance of digital CTCs of the company’s statutory returns and digital company profile.

    To facilitate easy exit, an online portal of Companies’ Easy Exit has been launched. Moreover, the process of company incorporation has been centralized at the head office to standardize and facilitate expeditions processing.

    READ MORE: NBP net profit declines by 21% on high tax incidence in 9MCY22

    The SECP, in coordination with SBP, has also launched an exclusive digital portal, which enables banks to certify a company’s filings. In FY 2021-22, numerous reforms were introduced in the capital market to bring efficiency, transparency, depth and ease for the investors.

    The process for submitting IPO applications by the issuers/companies has been automated. The opening of news accounts by small investors was made very simple through a new category of “Sehl Account”, wherein investors can be onboarded through microfinance banks backed by telecom providers.

    Further, to simplify investment in mutual funds, Pakistan’s first mutual fund digital distribution platform, namely “Emlaak Financials” has been launched by the central Depository Company (CDC). The pension funds have been allowed to invest in REITs, Private Equities, Venture Capital Funds and ETFs.

    READ MORE: K-Electric posts huge losses despite 144% jump in tariff adjustment revenue

    Moreover, pension funds have also been allowed passive investment strategies in the form of Index sub-fund. In addition, financial institutions including Banks, DFIs, PDs, AMCs etc. have been allowed to act as market makers, thereby increasing secondary debt market liquidity.

    So far, 16 financial institutions have been registered as market makers. For the first time, the SECP has awarded a NBFC license to operate as a P2P lending platform on a commercial basis.

    The P2P operations of NBFC were successfully tested under SECP’s regulatory sandbox. To provide immediate responses and guidance regarding company incorporation, the SECP has launched WhatsApp and Wechat service.

    Through the service which is the first of its kind in Pakistan’s public sector, the SECP has handled 29,681 queries during FY 2021-22, having a satisfaction ratio exceeding 89 per cent.

    The SECP also handled 10,204 complaints through its digital complaint dashboard (Service Desk Management System – SDMS), out of which, 9,761 (96 per cent) stand resolved/closed and the remaining are at different stages of being addressed.

    SECP Chairman Aamir Khan said: “SECP will continue promoting innovation through closer collaboration with our regulated sectors, academia and incubators.”

  • Honda Cars Pakistan posts massive 85pc decline in half year profit

    Honda Cars Pakistan posts massive 85pc decline in half year profit

    Honda Atlas Cars (Pakistan) Limited on Wednesday announced a massive 85 per cent decline in profit after tax for half year ended September 30, 2022.

    According to financial results submitted to Pakistan Stock Exchange (PSX), Honda Cars Pakistan declared Rs273 million as profit after tax for the period April – September 2022 as compared with Rs1.87 billion in the corresponding period of the last year.

    READ MORE: Faysal Bank posts 51% growth in profit before tax

    The earnings per share (EPS) also restricted to Rs1.91 for the period under review as compared with Rs13.08 in the same period of the last year.

    The board of directors of Honda Atlas Cars (Pakistan) Limited met on November 16, 2022 and approved the financial results for the half year ended September 30, 2022.

    READ MORE: NBP net profit declines by 21% on high tax incidence in 9MCY22

    Total sales of the company slightly increased to Rs49.79 billion during the half year ended September 30, 2022 when compared with Rs47.74 billion in the same period of the last year.

    The company posted gross profit at Rs2.59 billion during April – September 2022 when compared with Rs3.38 billion in the corresponding period of the last year.

    READ MORE: K-Electric posts huge losses despite 144% jump in tariff adjustment revenue

    Administrative expenses of the company increased to Rs661 million during the period of six months ended September 30, 2022 when compared with Rs503 million in the same months of the last year.

    Honda Atlas Cars (Pakistan) Limited posted loss of Rs385 million during the quarter ended September 30, 2022 when compared with a profit of Rs939 million in the same quarter of the last year.

    READ MORE: Jazz supports breast cancer awareness campaign

  • Company registration rises to 180,996: SEC Pakistan

    Company registration rises to 180,996: SEC Pakistan

    ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has said that total company registration has increased to 180,996 by end of October 2022.

    According to a statement the SECP registered 2,361 new companies in October 2022. “This shows an increase of 17 per cent as compared to corresponding period last month. The total number of registered companies now stands at 180,966,” the SECP added.

    READ MORE: SECP’s company registration goes up to 169,919 till May 2022

    Foreign investment has been reported in 77 new companies. These companies have foreign investors from Afghanistan, Austria, Australia, Bangladesh, China, Denmark, Iran, Italy, Jordan, Korea (South), Lebanon, Lithuania, Norway, Saudi Arabia, Singapore, Yemen, Tunisia, Turkey, the UAE, the UK and the US.

    Total capitalization (paid-up-capital) with regard to newly incorporated companies for the current month stood Rs3 billion.

    READ MORE: SECP, FBR integration brings 2,365 companies under tax net

    In October, about 60 per cent companies were registered as private limited companies, while 37 per cent were registered as single member companies. About three per cent were registered as public unlisted companies, not profit associations, foreign companies and limited liability partnership (LLP). Nearly 99.8 per cent companies were registered online.

    READ MORE: RDA: SECP exempts banks from obtaining license

    The real estate development and construction sector took the lead with incorporation of 432, information technology with 355, trading with 279, services with 234, food and beverages with 93, e-commerce with 92, tourism with 84, education with 83, corporate agricultural farming with 72, marketing and advertisement with 56, engineering with 45, power generation with 44 and 814 companies were registered in other sectors.

    READ MORE: SEC Pakistan amends regulations to facilitate startups

    As a result of integration of SECP with the Federal Board of Revenue (FBR) ad various provincial department, 1,969 companies were registered with the FBR for generation of National Tax Number (NTN), 81 companies with Employees Old-age Benefit Institution (EOBI), 47 companies with PESSI/SESSI ad 57 companies with excise and taxation department.

  • Faysal Bank posts 51% growth in profit before tax

    Faysal Bank posts 51% growth in profit before tax

    Faysal Bank Limited has posted a massive growth of 51 per cent in its profit before tax for nine months period ended September 30, 2022.

    According to a statement issued on Tuesday, Faysal Bank Limited achieved the landmark of Rs1 trillion mark in balance sheet footings with a record profit before tax of Rs15.0 billion, 51 per cent higher than the corresponding period last year

    The Board of Directors of Faysal Bank Limited (FBL), in their meeting held on October 27, 2022, approved the financial statements of the Bank for the nine months ended September 30, 2022 and announced an interim cash dividend of Rs. 5.50 per share i.e. 55 per cent. This is in addition to interim cash dividend for the second quarter ended June 30, 2022 already paid at Rs. 0.50 per share i.e. 5 per cent.

    The bank is very close to the completion of the requirements of converting Faysal Bank Limited into a full-fledged Islamic bank. Accordingly, all the Non-Shariah Compliant retained earnings of the Bank are being distributed to the shareholders as cash dividend.

    FBL has delivered exuberant performance in the nine months of 2022 with a Profit Before Tax (PBT) of Rs. 15.0 billion, 51 per cent higher than the Rs. 9.9 billion in the corresponding period last year. However, the increase in Profit After Tax (PAT) is restricted to 26 per cent from Rs. 6.1 billion in 9m’21 to Rs. 7.7 billion in first nine months of 2022 on the back of extremely high and retrospective tax measures announced in the federal budget.

    Current deposit momentum built over last several quarters continued and has reached Rs. 274 billion, 27 per cent growth over December 2021. Total deposits increased by 13 per cent over December 2021 with CASA mix improving to 80 per cent from 75 per cent at December 2021. FBL’s net advances increased by 18 per cent to Rs. 468 billion, with the growth across all lending businesses and improvement in ADR to 65 per cent as at September 2022. Despite the prevailing uncertainty, FBL is committed to its strategy for conversion into Islamic bank and have applied to SBP for issuance of Islamic Banking License.

    The Bank continued to deliver on growth objectives and increased the total revenue by 33 per cent over 9m’21 to Rs. 33.6 billion. Non markup expenses of the bank have increased by 27 per cent over 9m’21 while the cost to income ratio has improved from 60 per cent in 9m’21 to 57 per cent in 9m’22. Net provision for 9m’22 reflected reversals of Rs. 0.7 billion while infection ratio continued to reduce and is at 4.6 per cent with total coverage at 89.5 per cent.

    FBL will continue to invest in expanding the footprints by network expansion and is planning to open another 50+ branches in Q4’22 with an objective to reach the branch network to 700+ by the end of this year. The bank will continue to reshape banking experience by improving the quality of customer service, providing innovative digital solutions and will continue to invest in modern technologies to improve digital offerings and customer experience.

    FBL was incorporated in Pakistan on October 3, 1994 as a public limited company and its shares are listed on Pakistan Stock Exchange. FBL offers a wide range of modern banking services to all customer segments, i.e., Retail, Small & Medium Sized Enterprises, Commercial, Agri-based, and Corporate.

  • NBP net profit declines by 21% on high tax incidence in 9MCY22

    NBP net profit declines by 21% on high tax incidence in 9MCY22

    National Bank of Pakistan (NBP) has declared 21 per cent decline in after tax profit due to high incidence during first nine months (January – September) 2022.

    According to unconsolidated financial results submitted to the Pakistan Stock Exchange (PSX), NBP announced after tax profit at Rs19.16 billion for nine months period ended September 30, 2022 as compared with Rs24.14 billion in the corresponding period of the last year.

    The bank declared earnings per share (EPS) at Rs9.01 for the nine months period ended September 30, 2022 as compared with EPS Rs11.35 in the same period of the last year.

    Board of Directors of National Bank of Pakistan met on October 28, 2022 and not recommended any cash dividend, bonus issue/ right share or any other entitlement.

    Bank officials said that taxation charge for the period amounted to Rs29.2 billion as against Rs16.1 billion during nine months of year 2021. They said that the Finance Act, 2022 brought in certain changes, which apart from increase in the statutory and super tax rate, also had a retrospective impact mainly due to ADR being below 50 per cent with reference to prior year’s earnings and has increased the effective tax rate from 40 per cent for nine months of 2021 to 60.4 per cent for nine months of 2022.

    During nine months period ended September 30, 2022, the bank generated a gross interest income (GII) of Rs332.2 billion as against Rs166.5 billion for the similar nine months period of 2021. The Rs165.7 billion increase in GII is achieved through a robust volumetric growth in average interests earning assets coupled with the impact of higher average policy rate during this period that stood at 12.4 per cent as compared to 7 per cent during the same period last year.

    Bank’s investments portfolio during nine months period ended September 30, 2022 averaged Rs2,427.5 billion (September 2021: Rs1,633.8 billion) and generated mark-up/interest income of Rs225.5 billion being Rs125.3 billion or 124.9 billion up against Rs100.3 billion for the corresponding period of last year.

    This translates into average yield at 12.4 per cent (September 2021: 8.2 per cent). In the higher policy rate environment, the maturity profile of the bank’s investment book is skewed towards the shorter duration securities under available-for-sale category.

    Similarly, placements, that averaged Rs126.9 billion (September 2021: Rs53.9 billion) generated a mark-up income of Rs10.8 billion (September 2021: Rs2.9 billion) at an improved yield of 11.3 per cent as compared to 7.1 per cent for September 2021.

    For the nine months period ended September 30, 2021, the bank’s loan book averaged Rs1,341.9 billion and generated a mark-up income of Rs95.9 billion i.e. Rs32.5 billion or 51.4 per cent higher than Rs63.4 billion of the similar period last year. This significant growth was achieved through both, a volumetric growth, as well as the favorable Year on Year (YoY) rate variance. Pertinent to mention this high performance was achieved despite the fact that the bank carries a significant proportion of lower margin and non-performance public sector loans.

    Likewise, on the back of higher average policy rate, the bank’s cost of funds for nine months period ended September 30, 2022 recorded a significant YoY increase and amounted to Rs251.6 billion as against Rs94.1 billion for corresponding nine month period of 2021.

    The Rs159.5 billion or 167.4 per cent YoY increase is mainly recorded in cost of deposits that amounted to Rs141.9 billion as against Rs61.7 billion in the same period of the last year and the borrowings/repo costs by Rs75.8 billion to close at Rs101.5 billion. As compared to nine months ended September 2021, average non-remunerative current deposits increased impressively by Rs66.9 billion or 13.3 per cent to Rs569.6 billion.

    Operating expenses of the bank for the period under review amounted to Rs54.8 billion which is 16.5 per cent higher YoY as compared to Rs47 billion of same period last year.

  • K-Electric posts huge losses despite 144% jump in tariff adjustment revenue

    K-Electric posts huge losses despite 144% jump in tariff adjustment revenue

    KARACHI: K-Electric Limited, the electricity generation and supplier company, has declared huge after tax loss of Rs16.35 billion for the quarter ended September 30, 2022 massive jump of 144 per cent in revenue received through tariff adjustment.

    According to consolidated financial results for the quarter ended September 30, 2022, the company announced after tax loss of Rs16.35 billion as compared with the after tax profit of Rs2.88 billion in the same period of the last year.

    The company announced earnings per share at 59 paisas for the three months period ended September 30, 2022 as compared with EPS of 10 paisas in the same period of the last year.

    Board of directors of KE met on October 28, 2022 to approve the financial results.

    The company declared huge losses despite the massive jump in revenue from tariff adjustment. KE received Rs65.97 billion as tariff adjustment for the quarter ended September 30, 2022 as compared with Rs27.22 billion in the corresponding period of the last year, showing an increase of 144 per cent.

    Total revenue of the company recorded at Rs154.58 billion for the quarter under review as compared with Rs114.17 billion in the same quarter of the last year.

    Cost of sales increased to Rs146.53 billion for three months period ended September 30, 2022 as compared with Rs97.53 billion in the same period of the last year.

    Company official said that the difficult socio-political challenge both locally and at international fronts, have had a consequential impact on the macro-economic factors.

    The economic impact has reverberated through multiple channels, including commodity and financial markets, surging inflation, increasing policy rates and reduction in economic activity. Impacted by these challenges, the Company has observed a reduction in units sent-out by 8.9 per cent and the gross profitability of the Company declined significantly.

    The company operates under regulated tariff and as per current Multi-Year Tariff effective from July 01, 2016, no adjustment is provided to the Company in tariff for changes in sent-out and policy rates. Further, the Company observed increase in exchange loss by PKR 2.6 billion owing to devaluation of Pak Rupee and increase in impairment loss by PKR 4.0 billion against doubtful debts due to high inflation, increase in consumer tariff, high FCA and current economic conditions impacting consumers propensity to pay.

    The aforementioned factors along with increase in finance cost by PKR 3.4 billion mainly on account of increase in effective rate of borrowing and higher levels of borrowing due to non-payment of dues by Government entities, translated into the loss after tax amounting to PKR 16.3 billion.

    The Company is geared up to face the challenges and focusing extensively on further operational improvements as detailed in the relevant business section and also working diligently for renewal of tariff for the next control period starting from July 01, 2023, with an aim to obtain a sustainable cost reflective tariff with robust adjustments mechanism at par with other power sector entities to ensure continuity of reliable and smooth service to consumers at least possible costs.

  • Jazz supports breast cancer awareness campaign

    Jazz supports breast cancer awareness campaign

    KARACHI: Aimed at raising awareness on breast cancer, Jazz, Pakistan’s leading digital operator and the largest internet and broadband service provider, conducted month-long campaigns to drive reinforcement for prevention, reminder of periodic checkups, and educate the masses including its own employees.

    Pakistan has the highest incidence of breast cancer among Asian countries; one in nine women is at risk of being diagnosed with breast cancer, and 40,000 women die of breast cancer every year, out of which only 19,000 women are diagnosed with breast cancer.

    Jazz offices and experience centers were lit up pink to serve as a reminder and draw attention to this critically important message, encouraging women to have regular check-ups and destigmatize the taboos associated with breast cancer.

    Additionally, the company collaborated with Pink Ribbon to organize nationwide awareness sessions for all branches and joined hands with Shaukat Khanum Memorial Cancer Hospital and Research Centre for SMS and billboard awareness campaigns.

    “Jazz is committed to empowering Pakistani women through the power of the internet by providing digital access to effective, quality essential health care services. With over 21,000 women remaining undiagnosed with breast cancer, our campaigns were aimed at creating conversation around this topic. Our thoughts and prayers remain with those who have lost their lives fighting against breast cancer,” said Sabahat Bokhari, Head of D&I, Jazz.

    Shaukat Khanum, Pink Ribbon, and ITTEHAD teams also visited Jazz offices to highlight the importance of breast cancer early detection, destigmatizing the examination, timely diagnosis, and efficient treatment methods. Jazz has provided employees with Pink Cards (valid for family members as well), which offer females up to 50% discount on various healthcare tests such as hormone profiles, and mammograms, among other women-related medical tests.

  • Standard Chartered Bank Pakistan PBT doubles during 9MCY22

    Standard Chartered Bank Pakistan PBT doubles during 9MCY22

    KARACHI: Standard Chartered Bank Pakistan Limited (SCBPL) has posted a record profit before tax of PKR 36.4 billion, registering almost 100 per cent increase year on year. Performance was driven by strong income growth, as well as continued cost and risk discipline.

    Overall revenue grew by 70 per cent to deliver a top-line of PKR 45.1 billion, with positive contributions from all segments. Despite a high inflationary environment and continuous investments in our infrastructure, operating expenses continue to be well managed through efficiencies and disciplined spending with an increase of 12 per cent from the same period last year.

    Moreover, reversal of Covid-19 general provision, coupled with lower impairments and strong recoveries led to a net release of PKR 1.5 billion during the period against a net release of PKR 0.8 billion in loan impairments in the comparative period.

    With a diversified product base, the Bank stands well positioned to cater for the needs of its clients. On the liabilities side, the Bank’s total deposits grew by PKR 108.0 billion (up 17 per cent), whereas current and saving accounts increased by PKR 119.0 billion (up 21 per cent) since the start of this year and comprise 95 per cent of the deposit base. Advances declined marginally since the start of this year and the Bank continues to monitor the portfolio in the prevailing economic environment as part of its strategy to build a profitable, efficient, and sustainable business.

    The external environment remains challenging; however, we remain fully committed to delivering a sustainable growth for our shareholders, bringing the best-in-class services and solutions for our clients and playing our part in the growth story of Pakistan. Standard Chartered continues to make good progress against its strategic priorities.

    The global network differentiates the Bank for its clients, bringing forth innovative solutions, product specialisation and structured offshore offerings. At all times the Bank strives to maximise the contribution to State Bank’s initiatives. In line with the State Bank’s efforts on financial inclusion, with enhanced digital offering, Standard Chartered is now able to reach more clients across the country and provide them with convenience of opening accounts as well as subscribing to products and banking services online. Overall, the Bank’s transformation journey stands well-curated, closely aligned with the Pakistan’s landscape and helping lift participation through digitization.

    Sustainable finance along with digital solutions for clients and their ecosystem stay as areas of keen focus for the Bank. The Bank continues efforts under its initiative ‘Futuremakers by Standard Chartered’ initiative to tackle inequality and promote greater economic inclusion for young people in the community. Standard Chartered has also contributed towards emergency relief and rehabilitation of communities impacted by the recent floods that have caused devastation in Pakistan.

    Commenting on the results, Rehan Shaikh, Chief Executive Officer, Standard Chartered Bank (Pakistan) Limited said, “I am pleased to share our results for the first three quarters of 2022 which clearly reflect strong foundations, enhanced productivity and good headway towards achieving our strategic priorities. The results give me the confidence that we have the right strategy to deliver real value to our clients, our investors and the communities where we operate. I am thankful to our clients and business partners for their ongoing trust in our capabilities and to our associates and colleagues for their commitment, passion and hard work in supporting the Bank in its journey.

    We are investing heavily in our people, giving colleagues the skills they need to succeed, bringing in expertise in critical areas and evolving to a more innovative and agile operating model, as we strive to drive innovation and increase our operational efficiency further. This operational leverage allows us to create capacity to invest in the many exciting and potentially transformational initiatives as the Bank’s pivot to digital continues.

    The external environment remains challenging; however we remain fully committed to delivering a sustainable growth for our shareholders, bringing the best in class services and solutions for our clients and playing our part in the growth story of Pakistan.”

    With a strong Return on Equity (ROE) of 23.5 per cent for the period and a Capital Adequacy Ratio (CAR) of 17.7 per cent, the Bank remains well positioned for future growth.