All businesses have a positive momentum in client income which grew 31per cent year on year with strong growth in underlying drivers. Momentum in advances (net) continues with 29 percent growth since the start of the year. This was the result of a targeted strategy to leverage our brand, client relationships and strong global network in building profitable and high-quality portfolios.
The Bank continued to maintain its leadership in low cost deposits with CASA to Deposits ratio of 93 percent despite strong competition. Total deposits recorded a growth of 10per cent, with CASA growing by 8per cent in 2019.
The bank won several awards and accolades in the year including "Best Commercial Bank" by Management Association of Pakistan, "Best Foreign Bank in Pakistan" by Finance Asia, "Best International Bank" by Asia Money and "Best Islamic Bank" by the Banker Magazine.
During 2019, the Bank contributed around Rs 18.6 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.
For the year 2019, the Board of Directors have recommended a final cash dividend of 17.5 percent (Rs 1.75 per share). This is in addition to the 12.5 percent (Rs 1.25 per share) interim cash dividend announced during the year; thereby taking the total dividend pay-out to a record high of 30 percent (Rs 3.00 per share).
Commenting on the results, Shazad Dada, Chief Executive Officer, Standard Chartered Bank (Pakistan) Limited said, "I am delighted to announce that the Bank has performed exceptionally well and has delivered its highest ever profit. 2019 has been a significant year, with developments that have contributed directly to the growth of the country franchise."-PR