Standard Chartered Bank declares 18pc fall in annual profit

Standard Chartered Bank declares 18pc fall in annual profit

KARACHI: Standard Chartered Bank (Pakistan) has declared annual profit of Rs13.13 billion for the year ended December 31, 2020, which was reduced by 18 percent when compared with Rs16 billion in the preceding year.

According to financial results shared with the Pakistan Stock Exchange (PSX) on Friday, the fall in annual profit may be attributed to significant increase in provisioning and write offs during the year.

The provisioning and write offs of the banks increased to Rs4.9 billion for the year ended December 31, 2020 when compared with Rs16.81 million in the preceding year.

According to the financial results of the bank, an amount of Rs4.77 billion was cost under the head of provision against loans and advances for the year ended December 31, 2020.

Net Interest Income of the bank slightly increased to Rs28.14 billion for the year under review as compared with Rs27.78 billion in the preceding fiscal year.

Total income of the bank during the year also posted nominal growth to Rs40.93 billion when compared with Rs39 billion in the preceding year.

Total expenses of the bank also increased slightly to Rs12.38 billion for the year ended December 31, 2020 when compared with Rs27.18 billion in the preceding year.

The bank paid Rs10.48 billion as tax for the year ended December 31, 2020 as compared with Rs11.18 billion in the preceding year.

Earnings per share of the bank fell to Rs3.39 as compared with EPS of Rs4.14 in the last year.

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