Standard Chartered Bank (Pakistan) Limited has announced its first quarter of 2018 results. The Bank reported a profit before tax of Rs 4.2 billion compared to Rs 4.1 billion for the same period last year. Total revenue remained resilient, recording a growth of one percent despite reduced margins and re-pricing within the investments portfolio. However, client revenue has increased and is up by eight percent year on year.
Total administrative costs continue to be well managed through operational efficiencies and disciplined spending with a decrease of one percent from comparative period last year.
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 seven percent since the start of this year. This was a result of 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 total deposits grew by eight percent, whereas current and saving accounts grew by nine percent 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 93 percent of the deposit base.
Commenting on the results Shazad Dada, Chief Executive, Standard Chartered Bank (Pakistan) Limited, said, "These results demonstrate the diversity and resilience of our business. Fundamentally we have given a strong financial performance in the first quarter supported by positive trajectories in client income, net advances and deposits. We have made steady progress in further strengthening our control and compliance environment by focusing on our people, culture and systems. We are fully committed to delivering sustained growth by consistently focusing on developing best in class product suite and services, keeping our clients at the centre of everything we do."-PR
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