Standard Chartered Pakistan announces 2017 third quarter and year to-date results; Bank’s assets cross PKR 500 billion

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Standard Chartered Bank (Pakistan) Limited today announced its results for third quarter and first nine months of 2017. The Bank delivered resilient financial performance with year to date Profit before tax of PKR 10.6 billion compared to PKR 12.1 billion in corresponding period last year.

 
 

Revenue was lower by PKR 1.4 billion primarily due to reduced margins and re-pricing within the investments portfolio. However, client revenue across all segments has increased and is up by 10% year on year. Administrative costs continue to be well managed through operational efficiencies and disciplined spending with in-country cost decreasing by 1per cent from comparative period last year.

 
 

A historic milestone was achieved in this period whereby the Bank’s total assets crossed over PKR 500 billion. All businesses have positive momentum in client income with strong growth in underlying drivers. This is evident from pickup in net advances, which have grown by 19per cent since the start of 2017. With a diversified product base, the Bank is well positioned to cater for the needs of its clients.

 
 

On the liabilities side, the bank’s total deposits grew by 7per cent, whereas current and saving accounts grew by 5per cent since the start of this year. The continuous increase in low cost deposits has significantly supported the Bank’s performance with current and savings accounts comprising 92per cent of the deposit base.

 
 

Commenting on the results, Mr. Shazad Dada, Chief Executive Officer, Standard Chartered Bank said, “We have had an encouraging progress in 2017, in which we have reengaged with our clients, continued to invest in our people, culture, infrastructure and digital platforms. We have also made steady progress in further strengthening our control and compliance environment. We are well capitalised, highly liquid and are becoming stronger, leaner and more efficient. This year a historic milestone has been achieved whereby the Bank’s total assets crossed over 500 billion”

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