Thursday, July 9, 2020

Standard Chartered announces highest ever profit of Rs.18.5 billion

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Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

Standard Chartered Bank (Pakistan) Limited on Wednesday announced its Annual Results for 2018.

The Bank performed exceptionally well in 2018 and delivered a Profit before tax of PKR18.5 billion. This is 37per cent higher than corresponding period last year and the highest ever profit.

Overall revenue growth was 12per cent, whereas client revenue increased by 13per cent year on year with strong contribution from transaction banking, financial markets and retail deposits. In-country operating expenses increased by only 5per cent year on year on account of spending, mainly in the Bank’s products, services and people to grow the franchise.

All businesses have positive momentum in client income with strong growth in underlying drivers. This is evident from pickup in net advances, which grew by 23per cent during the year. This was a result of targeted strategy to build profitable, high quality and sustainable portfolios. With a diversified product base, the Bank is well positioned to cater for the needs of its clients.

On the liabilities side, another milestone was achieved whereby the Bank’s total deposits crossed PKR 400billion. Total deposits grew by 13per cent, whereas current and saving accounts registered a growth of 15per cent during the year and are now 94% of the deposits base.

The optimal funding structure of the balance sheet continues to support the Bank’s performance.

Final cash dividend of 15 per cent (PKR1.50 /- per share) has been recommended by the Board of Directors for approval at the 13th Annual General Meeting of the Bank’s shareholders. This is in addition to 7.5per cent (PKR 0.75/- per share) interim cash dividend announced / paid during the year.

Commenting on the results, Shazad Dada, Chief Executive Officer, Standard Chartered Bank (Pakistan) Limited said,

“I am delighted to announce that the Bank has performed exceptionally well and has delivered the highest ever profit. These results further demonstrate our commitment to delivering a consistent and sustained performance while leveraging our unique capabilities, digital strength and network presence. This year another historic milestone has been achieved whereby the Bank’s total deposits crossed 400 billion.

While challenges in the external environment persist, there is an optimistic enthusiasm for the coming year. We are fully committed to sustained growth by consistently focusing on our clients and bringing to them a best in class product suite and services.”

Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

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