KARACHI: Standard Chartered Bank Pakistan Limited (SCBPL) delivered a record performance in first quarter of 2022, leading to a growth of 101 percent in profit before tax to Rs11.8 billion. Profit after tax grew by 119 percent year on year to Rs7.1 billion
Overall revenue grew by 72 percent to deliver the highest ever quarterly revenue of Rs14.3 billion. Net interest income grew by 36 percent year on year, primarily driven by volume upside from strong balance sheet growth. Non funded income recorded a growth of 167 percent, impelled by strong performance in FX, derivatives and securities trading.
Operating expenses continue to be well managed through operational efficiencies and disciplined spending with an increase of 8 percent from comparative period last year. Moreover, robust recoveries of bad debts, coupled with prudent risk approach led to a net release of Rs0.7 billion in first quarter of 2022 compared to a net release of Rs0.6 billion in the comparative period.
All businesses have positive momentum with strong growth in underlying drivers. This is evident from pickup in net advances, which have grown by Rs17.8 billion (up 8 percent) since the start of this year. On the liabilities side, the Bank’s total deposits grew by Rs23.2 billion (up 4 percent), whereas current and saving accounts grew by Rs27.8 billion (up 5 percent) since the start of this year and comprise 93 percent of the deposit base.
As of now over Rs4 billion have been dispersed under Mera Pakistan Mera Ghar scheme.
SCBPL is also amongst the top five contributors towards the Roshan Digital initiative and channelled remittances of over US$350 million since inception and contributed US$300 million to the investments in Naya Pakistan Certificate (NPC).
Copyright Business Recorder, 2022