Standard Chartered Bank Pakistan Reports Unprecedented 132% Increase in Half-Year Profit

Standard Chartered Bank Pakistan Reports Unprecedented 132% Increase in Half-Year Profit

Karachi, August 24, 2023 – Standard Chartered Bank (Pakistan) Limited has announced a remarkable 132 percent surge in after-tax profit, reaching Rs 18.78 billion for the half-year ending on June 30, 2023.

In a communication with the Pakistan Stock Exchange (PSX), the bank shared its financial results for the period from January to June 2023. To provide context, the bank’s after-tax profit for the same period in the previous year stood at Rs 8.11 billion.

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This substantial increase in profit has also led to a significant rise in earnings per share, reaching Rs 4.85 for the half-year ending on June 30, 2023, compared to Rs 2.09 in the corresponding period of the previous year.

During a board of directors meeting held on August 23, 2023, the bank recommended an interim cash dividend at 40 percent, equivalent to Rs 4 per share of Rs 10 each, for the fiscal year ending in December 2023.

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According to the bank’s financial statement, the robust growth in markup and interest income played a pivotal role in the bank’s increased after-tax profit. The bank’s markup earnings reached Rs 42.52 billion for the half-year ending on June 30, 2023, in contrast to Rs 17.04 billion in the corresponding half of the previous year. This surge in earnings contributed to a total income of Rs 46.64 billion, compared to Rs 27.43 billion.

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The bank’s operating expenses also saw an increase, reaching Rs 7.89 billion during January to June 2023, compared to Rs 6.24 billion in the same period of the previous year. These financial results underscore Standard Chartered Bank Pakistan’s strong performance and financial stability in the first half of 2023.

READ MORE: Meezan Bank Achieves Impressive 93% After-Tax Profit Growth in First Half of 2023

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