Standard Chartered Shows Financial Resilience - Profits Rise to Rs.11.9bn

Standard Chartered Bank (Pakistan) Limited delivered resilient financial performance with its profit before tax at Rs.19.9 billion on 30th September 2020 as compared to Rs.19.7 billion last year.

The Profit After Tax (PAT) of Standard Chartered Bank (Pakistan) Limited was recorded at Rs.11.9 billion on 30th September 2020. The results translate into earnings per share (EPS) of Rs.3.08 as compared to EPS of Rs.2.95 last year.

The rise in profits comes from an overall 12% growth in revenue. Client revenue increased by 19% year on year with positive contributions from financial markets, retail products and transaction banking.

However, the Bank also witnessed an increase of 5% year on year in operating expenses, which accounted for spending on the Bank’s products, services and people to grow the franchise.

In terms of liabilities, the Bank was also able to achieve another milestone as its total deposits crossed Rs.550 billion. At period end, total deposits closed at Rs.570 billion with a growth of 22%. Current and saving accounts also grew by 24% from the start of the year and are now 94% of the deposit base.

While the external environment remains challenging due to the COVID-19 pandemic, Standard Chartered expects a gradual recovery.