Karachi, February 21, 2025 – Standard Chartered Bank (Pakistan) Limited (SCBPL) has reported a remarkable annual profit after tax of Rs 46.06 billion for the financial year ending December 31, 2024, despite a substantial tax payment amounting to Rs 54.55 billion.
According to the financial statement submitted to the Pakistan Stock Exchange (PSX) on Friday, SCBPL stated that its profit after tax in the preceding year stood at Rs 42.62 billion. This resulted in an increase in earnings per share (EPS) of SCBPL, which rose to Rs 11.90 in 2024 compared to Rs 11.01 in the previous year.
SCBPL disclosed that its profit before tax surged to Rs 100.62 billion for the year ended December 31, 2024, in contrast to Rs 89.22 billion recorded in the previous year. However, the bank experienced a significant rise in income tax expenses, which escalated to Rs 54.55 billion in 2024 from Rs 46.6 billion in 2023.
The Board of Directors of SCBPL convened on February 21, 2025, and recommended a final cash dividend of 55% (i.e., Rs 5.5 per share of Rs 10) for the year ended December 31, 2024. This comes in addition to the 35% cumulative interim dividend already disbursed in 2024.
As per SCBPL’s financial results, total net interest income declined slightly to Rs 93.51 billion in 2024, compared to Rs 94.73 billion in the preceding year. However, the bank reported a substantial increase in non-interest income, which soared to Rs 24.66 billion for the year ended December 31, 2024, up from Rs 13.32 billion in the previous year. This growth was primarily driven by a significant rise in foreign exchange income and gains on securities.
SCBPL’s total income for 2024 climbed to Rs 118 billion, reflecting an increase from Rs 108 billion in the previous year. The bank also saw a rise in operating expenses, which grew to Rs 20.35 billion in 2024, compared to Rs 17.06 billion in the previous year.
A notable expenditure of Rs 4.91 billion was incurred by SCBPL under credit loss allowances and write-offs in 2024, a sharp increase from Rs 163 million in the preceding year. This reflects the bank’s efforts to manage financial risks while maintaining profitability in a challenging economic environment.