Standard Chartered Bank Pakistan reported impressive financial results for the nine months ending September 30, 2023, with a record profit before tax of Rs. 63.0 billion, marking a substantial 73% year-on-year increase.
Profit after tax also soared by 121% to Rs. 31.4 billion during this period, driven by strong income growth, cost control, and prudent risk management.
The bank’s overall revenue grew by 70% to reach Rs. 76.9 billion, and its Net Interest Income saw a remarkable 131% year-on-year growth. Operating expenses rose in line with inflation, while lower impairments and recoveries of bad debts resulted in a modest charge of Rs. 615 million.
On the balance sheet, the bank’s total deposits stood at Rs. 725 billion, with significant growth in current accounts and net advances. Standard Chartered Bank Pakistan maintains a strong Return on Equity (ROE) of 46.3% and a Capital Adequacy Ratio (CAR) of 20.4%, positioning it well for future growth.
In light of this strong performance, the Board of Directors announced an interim cash dividend of 25.0% for the nine-month period, in addition to a 40.0% interim cash dividend declared earlier.
Rehan Shaikh, the CEO, expressed satisfaction with the results, highlighting the bank’s commitment to its strategic priorities and ongoing efforts to support clients and foster growth in Pakistan. He emphasized the bank’s dedication to innovation, operational efficiency, and providing top-notch services to clients, despite challenging external circumstances.
