Standard Chartered Bank (Pakistan) Limited has announced its first quarter of 2019 financial results. The Bank delivered a strong profit in the first quarter of 2019 which led to a growth of 61 percent in profit before tax to Rs 6.7 billion. Overall revenue growth was 38 percent, whereas client revenue increased by 22 percent on year-on-year basis with positive contribution from transaction banking, corporate finance, treasury markets and retail products.
Operating expenses continue to be well managed through operational efficiencies and disciplined spending with a decrease of 6per cent from comparative period last year.
All businesses have positive momentum in client income with strong growth in underlying drivers. This is also evident from the pickup in net advances which have grown by six percent since the start of this year. This was the result of a targeted strategy to build profitable, high quality and sustainable portfolios. With a diversified product base, the Bank is well positioned to cater for the needs of its clients.
On the liabilities side, the Bank's deposits grew by three percent, whereas current and saving accounts grew by two percent since the start of this year and are now 94 percent of the deposits base. The optimal funding structure of the balance sheet continues to support the Bank's performance. Commenting on the results Shazad Dada, Chief Executive, Standard Chartered Bank (Pakistan) Limited, said, "Standard Chartered has delivered a strong financial performance in the first quarter of 2019, supported by positive trajectories in client income, net advances and deposits."- PR