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KARACHI: Standard Chartered Bank Pakistan Limited (SCBPL) delivers record profit before tax of PKR 36.4 billion, registering an increase of 98 percent year on year. Performance was driven by strong income growth, as well as continued cost and risk discipline.

Overall revenue grew by 70 percent to deliver a top-line of Rs 45.1 billion, with positive contributions from all segments. Despite a high inflationary environment and continuous investments in our infrastructure, operating expenses continue to be well managed through efficiencies and disciplined spending with an increase of 12 per cent from the same period last year.

On the liabilities side, the Bank’s total deposits grew by Rs 108.0 billion (up 17 percent), whereas current and saving accounts increased by Rs 119.0 billion (up 21 percent) since the start of this year and comprise 95 percent of the deposit base.

Commenting on the results, Rehan Shaikh, Chief Executive Officer, Standard Chartered Bank (Pakistan) Limited said, “I am pleased to share our results for the first three quarters of 2022 which clearly reflect strong foundations, enhanced productivity and good headway towards achieving our strategic priorities.” With a strong Return on Equity (ROE) of 23.5 percent for the period and a Capital Adequacy Ratio (CAR) of 17.7 percent, the Bank remains well positioned for future growth.-PR

Copyright Business Recorder, 2022

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