Standard Chartered Bank (Pakistan) Limited announced its third quarter results. The Bank continues to deliver strong financial performance with nine months profit before tax of Rs 12.7 billion resulting in 12 percent growth year on year. The Bank's earnings per share for the nine months period is Rs 1.94.
Revenue has enhanced by 9 percent in comparison with the previous period. Administrative costs continue to be tightly managed. The cost discipline despite selective investments leads to decrease of 9 percent in overall administrative costs. The deposit momentum continued with a growth of above 9 percent since the start of this year. The continuous increase in low cost deposits has significantly supported the bank's performance with current and savings account now comprise over 90 percent of the deposits base. This has resulted in the bank having one of the lowest costs of deposits in the industry. As the economy improves further, focus will be on prudently building quality customer assets. In the interim the surplus liquidity is deployed in Government securities with a balanced mix of short and long term securities.
Commenting on the results Shazad Dada, Chief Executive, Standard Chartered Bank (Pakistan) Limited, said, "The Bank has seen a strong third quarter performance. We continue to invest in the business and are well positioned to take advantage of long-term growth opportunities in Pakistan. While maintaining a strong focus on controls we endeavour to further enhance the quality of our client services."-PR
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