The Bank performed exceptionally well in H1 2019 and delivered a Profit before tax of PKR12.9 billion. This is 52per cent higher than corresponding period last year. Overall revenue growth was 36per cent, whereas client revenue increased by 25per cent year on year with strong contribution from transaction banking, corporate finance, treasury markets and retail products. In-country operating expenses decreased by 4per 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 also evident from the pickup in net advances which have grown by 12per cent since the start of this year. This was the result of a 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, the Bank’s deposits grew by 3per cent, whereas current and saving accounts grew by 4per cent since the start of this year and are now 95per cent of the deposits base. The optimal funding structure of the balance sheet continues to support the Bank’s performance.
The optimal funding structure and repricing profile of the balance sheet continues to support the Bank’s performance.
Commenting on the results, Mr. Shazad Dada, Chief Executive Officer, Standard Chartered Bank (Pakistan) Limited said, “I am delighted to announce the First Half 2019 results. The Bank has performed exceptionally well and have delivered a 52per cent higher profit before tax than corresponding period last year.
These results further demonstrate our commitment to delivering a consistent and sustained performance while leveraging our unique capabilities, digital strength and network presence. We are determined to drive commerce and help our clients achieve prosperity across our footprints.
While challenges in the external environment persist, there is an optimistic enthusiasm for the rest of the 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.”