Karachi, March 5, 2025 – Standard Chartered Bank (SCB) Pakistan Limited announced on Wednesday that it paid Rs 59 billion in income tax for the calendar year 2024, reflecting a corporate tax rate of 54.2%.
This marks a substantial increase from the previous year’s tax payment of Rs 47.8 billion, which was applied at an average tax rate of 52.2%.
According to SCB Pakistan, the bank also played a significant role in revenue collection for the national exchequer, acting as a withholding tax agent. It collected Rs 18.1 billion in withholding tax under various provisions of the Income Tax Ordinance 2001, up from Rs 14.3 billion in 2023. Furthermore, SCB Pakistan contributed an additional Rs 1.8 billion (2023: Rs 1.4 billion) in Federal Excise Duty and Provincial Sales Taxes.
SCB Pakistan delivered yet another record-breaking year, achieving a profit before tax of Rs 100.6 billion, marking a 13% increase from the prior year. The bank also reported overall revenue growth of 9%, while client income surged by 13%, with all business segments making positive contributions. However, operating expenses rose by 19%, largely driven by inflationary pressures.
A prudent risk management strategy, combined with recoveries of bad debts, resulted in a net release of Rs 4.4 billion over the course of the year.
On the liabilities side, SCB Pakistan’s total deposits grew by Rs 116 billion, reaching Rs 836 billion by the end of 2024. Additionally, current accounts experienced a robust increase of Rs 37 billion (10% growth), now constituting 48% of the total deposit base.
Conversely, on the assets front, net advances declined by Rs 49 billion (22%) during the year. Despite this reduction, SCB Pakistan remains well-positioned to serve its clients’ financial needs while maintaining a balanced and sustainable portfolio.
SCB Pakistan continues to invest heavily in digital capabilities and infrastructure, aiming to enhance customer banking experiences through innovative solutions. The bank has made notable strides in strengthening its control and compliance environment, with a focus on people, culture, and systems. The management remains dedicated to sustained growth, ensuring that SCB Pakistan remains at the forefront of the industry by delivering best-in-class services, optimizing its product suite, and implementing a strategic approach to balance sheet expansion.