Standard Chartered Bank (Pakistan) Limited Thursday reported a significant surge in its profit after tax for the first quarter of calendar year 2023.
The bank’s profit after tax for the quarter reached Rs9.19 billion, a 30 percent increase as compared to the corresponding quarter in the previous year. The bank’s earnings per share also increased to Rs2.37 for the first quarter of 2023 from Rs1.82 in the same period of the last year.
The bank’s board of directors met on April 26, 2023, and did not recommend any entitlement to shareholders. The sharp jump in the bank’s profit after tax is likely due to a significant increase in net mark-up/interest income during the period. The bank posted a 140 percent increase in interest-based income to Rs19.72 billion for the quarter under review as compared to Rs8.21 billion in the corresponding quarter of the last year.
However, the bank did incur a significant loss on securities during the quarter under review. The bank recorded a loss of Rs2.47 billion on securities for the quarter, compared to a gain of Rs1.28 billion in the corresponding quarter of the last year.
The bank’s operating expenses recorded at Rs3.79 billion, while it paid an amount of Rs6.96 billion as income tax for the period under review, compared to Rs4.71 billion in the corresponding quarter of the last year.
The Standard Chartered Bank’s strong financial results for the first quarter of 2023 reflect its robust business model and effective management strategies. The bank’s significant increase in profit after tax and interest-based income is a testament to its ability to navigate through a challenging economic environment. Despite the loss on securities, the bank’s overall financial performance remains strong, and it is well-positioned to capitalize on future growth opportunities.
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