Highlights:
- Profit Before Tax of PKR 19.8 billion (56per cent increase from comparative period last year)
- Client Revenue grew by 32per cent
- Overall revenue grew 41per cent
- Operating Expenses decreased by 5per cent
- Net Advances grew by 16percent
Standard Chartered Bank (Pakistan) Limited today announced its results for the nine months period ended 30 September 2019. A strong performance by the Bank led to a growth of 56per cent in profit before tax to PKR 19.8 billion. Overall revenue growth was 41per cent, whereas client revenue increased by 32per cent year on year with positive contributions from transaction banking, corporate finance, treasury markets and retail products.
Operating expenses continue to be well managed through operational efficiencies and disciplined spending with a decrease of 5per cent from comparative period last year. Momentum in advances (net) continued with 16per cent growth 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 6per cent, whereas current and saving accounts grew by 8per 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.
Commenting on the results, Mr. Shazad Dada, Chief Executive Officer, Standard Chartered Bank said, “The Bank continues to perform exceptionally well in 2019. We continue to make significant progress on our strategic pillars enabling the franchise to deliver positive results.
As we move forward in our journey to bring state of the art, innovative digital solutions for our clients, we will further strengthen our control and compliance environment and strive to become a stronger, leaner and more efficient organisation.”