SCBPL reaches historic milestone: its PBT exceeds Rs100bn

KARACHI: Standard Chartered Bank Pakistan Limited (SCBPL) delivered a record performance with profit before tax of Rs 100.6 billion reflecting a growth of 13 percent on year-on-year basis.

Performance was driven by strong income growth of 9 percent YoY, with positive contributions from all segments. Despite a high inflationary environment and investments in infrastructure, operating expenses were well managed, delivering lowest cost to income ratio in the industry of 19 percent. Prudent risk approach and recoveries of bad debts led to a net reversal in impairment of Rs 4.9 billion during the year.

On the liabilities side, Bank’s total deposits stand at Rs 836 billion; up by Rs 116 billion from last year, whereas current accounts registered a healthy growth of Rs 37 billion up 10 percent YoY and comprise 48 percent of the deposit base. On the asset side, net advances were lower by Rs 49 billion or 22 percent compared to last year.

Standard Chartered Pakistan’s profit marginally up YoY in 2QCY24

During 2024, the Bank contributed Rs 78.9 billion to the national exchequer in lieu of direct income taxes, as an agent of Federal Board of Revenue (FBR) and on account of FED / Provincial Sales Taxes.

Whilst the external environment remains challenging, the Bank remains fully committed to delivering sustainable growth for our shareholders, bringing best-in-class services and solutions for our clients and playing our part in the growth story of Pakistan.

The Bank will continue executing on its strategy of combining differentiated cross-border capabilities with leading wealth management expertise. Having strengthened our foundations on controls and conduct, we are well equipped to manage our risks, capital and liquidity effectively.

The Bank is investing in its digital capabilities and infrastructure to enhance its clients’ banking experience through the introduction of innovative solutions.

Commenting on the results, Rehan Shaikh, Chief Executive Officer & Head of Coverage, Standard Chartered Bank Pakistan said, “I am incredibly proud of the entire Standard Chartered Pakistan team for delivering a historic performance in 2024. It is their dedication and relentless pursuit of excellence which have enabled us to achieve these outstanding results and cross the PKR 100 billion mark in 2024.”

With a strong Return on Equity (ROE) of 43 percent for the year and a Capital Adequacy Ratio (CAR) of 23.5 percent, the Bank remains well positioned for future growth.

On the back of a strong performance, the Board of Directors were pleased to announce a final cash dividend of 55.0 percent (Rs 5.50 per share). This is in addition to 35.0 percent (Rs 3.50 per share) interim cash dividend announced / paid during the year, thereby taking the total dividend pay-out to 90.0 percent (Rs 9.0 per share).

Standard Chartered continues to be recognised for its financial performance and received “Best Bank in the Commercial Sector” at the 39th Corporate Excellence Awards by the Management Association of Pakistan (MAP) as well as two prestigious accolades from the CFA Society: Best Bank 2023 in the Mid-Sized Banks category and the Gender Diversity at Workplace Award.

Copyright Business Recorder, 2025