Karachi, October 26, 2023 – Standard Chartered Bank Pakistan has reported exceptional financial results, achieving a record profit before tax of Rs 63 billion for the nine months ending on September 30, 2023.
This represents a substantial increase of 73 percent year-on-year. Furthermore, the profit after tax witnessed a remarkable growth of 121 percent year-on-year, reaching PKR 31.4 billion during the same period.
The bank’s impressive performance is attributed to robust income growth, ongoing cost control, and prudent risk management. These results have led to overall revenue for the bank growing by 70 percent, reaching PKR 76.9 billion, with all segments contributing positively. Notably, the Net Interest Income for Standard Chartered experienced a significant increase of 131 percent year-on-year, driven by proactive balance sheet management, pricing discipline, and higher interest rates. Operating expenses increased by 27 percent compared to the previous year, in line with inflation. Additionally, lower impairments and recoveries of bad debts resulted in a minimal charge of PKR 615 million for the period.
With a diverse product portfolio, Standard Chartered Bank Pakistan is well-positioned to meet its clients’ needs. On the liabilities side, the bank’s total deposits stand at PKR 725 billion, with current accounts showing strong growth of PKR 68 billion, a 21 percent increase from the beginning of the year. On the assets side, net advances recorded a growth of PKR 18 billion, a 9 percent increase since the start of the year.
The bank’s strong Return on Equity (ROE) of 46.3 percent for the period and a Capital Adequacy Ratio (CAR) of 20.4 percent indicate its solid foundation and readiness for future growth. In recognition of this strong performance, the Board of Directors has announced an interim cash dividend of 25.0 percent (PKR 2.50/- per share) for the nine months ending on September 30, 2023, in addition to the 40.0 percent (PKR 4.00/- per share) interim cash dividend declared for the half-year ending on June 30, 2023.
Rehan Shaikh, Chief Executive Officer of Standard Chartered Bank Pakistan, expressed his satisfaction with the results, emphasizing the bank’s resilience, commitment to the country, and focus on supporting clients. He highlighted the bank’s efforts in facilitating trade corridors, strengthening relationships with sovereign, multinational, and local corporate clients, and enhancing services in the consumer banking segment.
Shaikh also underlined the bank’s commitment to efficiency, innovation, and investment in technology and capabilities, along with its dedication to delivering sustainable growth for shareholders and contributing to Pakistan’s growth story.
The bank’s transformation journey aligns closely with Pakistan’s evolving landscape, emphasizing digitization, sustainable finance, and financial inclusion through initiatives like ‘Futuremakers by Standard Chartered,’ which aims to promote economic inclusion for young people in the community.
Standard Chartered Bank Pakistan’s exceptional financial results reflect its strong performance and commitment to driving economic growth and innovation in the country.
