Standard Chartered profit jumps 115% in CY23

Standard Chartered Bank (Pakistan) Limited (SCBPL), a subsidiary of Standard Chartered Plc, posted earnings of Rs42.62 billion in 2023, up nearly 115% from the profit-after-tax Rs19.84 billion recorded in the same period of the preceding year.

As per SCBPL’s latest financial results filed to the Pakistan Stock Exchange (PSX) on Friday, the earnings per share of the bank stood at Rs11.01 in 2023, an increase from Rs5.13 in 2022.

The Board of Directors of the bank also announced a final cash dividend at Rs2.5 per share i.e. 25%. This is in addition to the interim dividend already paid at Rs6.5 per share i.e. 65%.

The profit is attributed to a significant increase in net interest income and provisioning reversals.

During the period, Standard Chartered earned interest amounting to Rs151.85 billion in 2023, from Rs90.43 billion in 2022, an increase of 68%.

As a result, the bank’s net mark-up increased exponentially to Rs94.16 billion in 2023, as compared to Rs44.6 billion in 2022, up by 111%.

In 2023, SCBPL’s fee and commission income clocked in at Rs5.52 billion, an increase of over 84% against Rs2.99 billion earned in the same period last year.

The bank saw its foreign exchange income dwindle massively to Rs5.7 billion in 2023, as compared to Rs9.5 billion in SPLY, reflecting a decline of 40%.

During the period, the bank saw total income jump to Rs107.48 billion, up by 72%.

Standard Chartered’s non-interest expense rose to Rs18.43 billion in 2023, up 33% against Rs13.85 billion in SPLY.

During the period, the firm reported a profit before tax of Rs89.22 billion, which increased by over 78%.

In 2023, SCBPL paid taxes to the tune of Rs46.6 billion as compared to Rs30.28 billion in the preceding year, a gain of 54%.