Standard Chartered Bank (Pakistan) Limited generated a record profit before tax in H1’23 of PKR 38.1 billion, up 73% year over year. To PKR 18.8 billion, profit after tax increased by 132% year over year. Strong income growth and ongoing cost and risk management contributed to the strong performance.
PKR 46.6 billion in top-line revenue, supported by all segments, represented a 70% increase in total revenue. Due to proactive balance sheet management, strict pricing policies, and higher interest rates, net interest income increased by a significant 150% YoY. Operating costs increased by 27% in line with inflation, but were effectively controlled by streamlining processes. Additionally, a net release of PKR 12 million was made in H1’23 due to fewer impairments and debt recoveries.
The Bank’s wide variety of products puts it in a good position to meet customer needs. The total amount of deposits is PKR 726 billion, and current accounts have grown by a healthy PKR 83.7 billion (or 25%) since the year’s beginning. On the assets side, net advances remained constant, suggesting cautious lending given the state of the economy.
Utilizing the global network for creative ideas, product specialization, and offshore offers, strategic initiatives are moving forward successfully. Improved digital products enable convenience in account opening and product subscriptions, supporting efforts to increase financial inclusion. In line with the “Futuremakers by Standard Chartered” project, the focus is on digital and sustainable finance.
With innovation, technological investment, and operational efficiency driving results, H1’23’s resilient performance indicates dedication. Leading platforms and partnerships are enabling the ongoing digital revolution. Clients, partners, and colleagues are thanked, and dedication is appreciated.
Despite obstacles, persistent growth commitment is still present, supported by a solid ROE of 40.8% and CAR of 21.1%. A cash interim dividend of 40.0% was declared by the Board.
