No Result
View All Result
  • Business
  • National
  • World
  • Sports
  • Entertainment
    • ZABTHEATRE’23
  • Tech
  • Stories
  • Education
  • YourCut
  • Business
  • National
  • World
  • Sports
  • Entertainment
    • ZABTHEATRE’23
  • Tech
  • Stories
  • Education
  • YourCut
No Result
View All Result
No Result
View All Result

Standard Chartered Bank Pakistan delivers record operating profit

Web Desk by Web Desk
October 26, 2023
in Business, Corporate World, Top News
Reading Time: 3 mins read
Standard Chartered Bank Pakistan operating profit

KARACHI: Standard Chartered Bank Pakistan delivered a record profit before tax of PKR 63.0 billion for the nine-month period ended 30 September 2023, registering an increase of 73 per cent year on year. Profit after tax grew by 121% year on year to PKR 31.4 billion during nine months of the year. The performance was driven by strong income growth, as well as continued cost and risk discipline.

Overall revenue for the Bank grew by 70 per cent to deliver a top-line of PKR 76.9 billion, with positive contributions from all segments. The Net Interest Income for Standard Chartered witnessed a strong growth of 131% year on year, driven by proactive balance sheet management, pricing discipline and higher interest rates. Operating expenses increased 27 per cent from the comparative period, in line with inflation. Moreover, lower impairments as a result of a prudent risk approach coupled with recoveries of bad debts led to a benign charge of PKR 615 million for the period.

With a diversified product base, the Bank stands well-positioned to cater to the needs of its clients. On the liabilities side, the Bank’s total deposits stand at PKR 725 billion. Current accounts registered a strong growth of PKR 68 billion (up 21 per cent) from the start of the year. On the assets side, net advances registered a growth of PKR 18 billion (up 9 per cent) since the start of this year.

With a strong Return on Equity (ROE) of 46.3% for the period and a Capital Adequacy Ratio (CAR) of 20.4%, the Bank remains well-positioned for future growth. On the back of a strong performance, the Board of Directors were pleased to announce an interim cash dividend of 25.0% (PKR 2.50/- per share) in respect of the nine-month period ended September 30, 2023. This is in addition to the 40.0% (PKR 4.00/- per share) interim cash dividend announced during the half year ended June 30, 2023.

Mr. Rehan Shaikh, Chief Executive Officer of Standard Chartered Bank Pakistan, said, “I am pleased to share our 3rd quarter results reflecting our resilience, strong foundations, continued transformation and enhanced headway towards achieving our strategic priorities. The results also underpin our commitment to the country and our desire to gain opportunities in the market whilst supporting our clients by providing deep expertise to help meet their ambitions. Our focus remains on leveraging our network to facilitate our clients in the various trade corridors as well as building momentum in the Sovereign, Multinational and Local Corporates space. Within consumer banking, we are deepening the opportunity in the Affluent segment while digitising our mass proposition.

We continue to become more efficient and innovative operationally while investing in technologies and capabilities of the future. The adoption of new ways of working has been delivering concrete outcomes in terms of productivity, staff well-being and our approach towards business. I am thankful to our clients and business partners for their ongoing trust in our abilities and to our associates and colleagues for their commitment, passion and hard work in supporting the Bank in its journey. The external environment remains challenging; however, we remain fully committed to delivering sustainable growth for our shareholders, bringing the best-in-class services and solutions for our clients and playing our part in the growth story of Pakistan”

Standard Chartered continues to make good progress against its strategic priorities. The global network differentiates the Bank for its clients, bringing forth innovative solutions, product specialisation and structured offshore offerings. In line with the State Bank’s efforts on financial inclusion, with enhanced digital offerings, Standard Chartered is now able to reach more clients across the country and provide them with the convenience of opening accounts as well as subscribing to products and banking services online. Overall, the Bank’s transformation journey stands well-curated, closely aligned with Pakistan’s landscape and helping lift participation through digitisation. Sustainable finance along with digital solutions for clients and their ecosystem stay as areas of keen focus for Standard Chartered. The Bank continues efforts under ‘Futuremakers by Standard Chartered’ initiative to tackle inequality and promote greater economic inclusion for young people in the community.

Web Desk

Web Desk

Related Posts

Karandaaz and Vizpro Partner to Digitize Retail Payments and Expand Financing Access for Small Merchants
Business

Karandaaz and Vizpro Partner to Digitize Retail Payments and Expand Financing Access for Small Merchants

May 2, 2025
Transforming small business finance for inclusive growth
Business

Transforming small business finance for inclusive growth

April 25, 2025
EBM-Peek Freans Young Pipers’ Club Launched Pakistan’s First AI Curated Content For The Youth
Business

EBM-Peek Freans Young Pipers’ Club Launched Pakistan’s First AI Curated Content For The Youth

April 9, 2025

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

TOP NEWS

Killed

Young trader killed during robbery bid in Karachi

by News Desk
December 2, 2024

A 22-year-old trader was tragically shot dead during a robbery attempt on New M.A. Jinnah Road on Sunday evening, according...

KSE-100 index lose over 500 points as PSX experiences negative trend

PSX soars over 1,200 points amid optimism on inflation and interest rate cuts

by News Desk
December 2, 2024

The Pakistan Stock Exchange (PSX) maintained its bullish momentum on Monday as the benchmark KSE-100 index surged 1,248.84 points, or...

PTI suspends Islamabad protest following deadly clashes, appeals for justice

PTI suspends Islamabad protest following deadly clashes, appeals for justice

by News Desk
November 27, 2024

The Pakistan Tehreek-e-Insaf (PTI) announced the suspension of its Islamabad sit-in early Wednesday after a day of intense clashes in...

PSX in boorish trend for second consecutive day; benchmark KSE-100 index lost over 700 points

KSE-100 Index surges over 600 points amid banking sector rally

by News Desk
November 25, 2024

Bullish sentiment dominated the Pakistan Stock Exchange (PSX) on Monday as the KSE-100 index climbed 621.85 points, or 0.64 per...

The Upcut is a news platform that brings you the latest news, developments from all walks of life, from all over the world. We cover Business, news from Pakistan and rest of the world, Sports, and Entertainment. You can also read Tech Reviews and How-To Guides for simple solutions and dailylife hacks.

BUSINESS   |   NATIONAL   |   WORLD   |   SPORTS   |   ENTERTAINMENT   |   TECH   |   HOW-TO GUIDES

  • Home
  • About Us
  • Privacy Policy
  • Editorial Guidelines
  • Contact Us
  • Stories

Copyright © 2022 The Upcut. All rights reserved.

No Result
View All Result
  • Business
  • National
  • World
  • Sports
  • Entertainment
    • ZABTHEATRE’23
  • Tech
  • Stories
  • Education
  • YourCut

Copyright © 2022 The Upcut. All rights reserved.

Go to mobile version