KARACHI: Standard Chartered Bank (Pakistan) Limited announced its H1 results for 2020. The Bank performed exceptionally well in H1 2020 and delivered profit before tax of Rs 16.2 billion, which is 26 percent higher than corresponding period last year.
With Revenue of Rs 23.5 billion, the overall revenue growth was 26 percent, whereas client revenue increased by 27 percent year on year with positive contribution from financial markets, retail products and transaction banking. Cost discipline continues with only 4 percent year on year increase in operating expenses. The current slowdown in the economic activity due to Covid-19 impacted the advances momentum. The Bank is closely monitoring the portfolio in the backdrop of the changing economic environment and is maintaining adequate provisions, where required.
The Bank achieved another milestone as total deposits crossed Rs 500 billion. With a growth of 17 percent in H1, total deposits closed at Rs 547 billion, with current and saving accounts constituting 93 percent of the deposits base. The robust performance resulted in an increase of 14 percent in total assets to achieve the Rs 700 billion milestone. The optimal funding structure of the balance sheet continues to support the Bank’s performance.
Commenting on the results, Rehan Shaikh, Chief Executive Officer, Standard Chartered Bank (Pakistan) Limited said, “I am delighted to announce our First Half 2020 results. The Bank has performed exceptionally well and has continued to deliver on all key metrics on the back of a strong balance sheet.”—PR
Copyright Business Recorder, 2020
Comments
Comments are closed for this article.