By announcing record profits for the nine months ended September 30, 2023, Standard Chartered Bank Pakistan accomplished an amazing milestone. The bank’s earnings before taxes increased by an astounding 73% year over year to PKR 63.0 billion. Strong income growth, cost effectiveness, and careful risk management drove a 121% year-over-year increase in profit after taxes to PKR 31.4 billion.
The bank’s total revenue increased by 70% to PKR 76.9 billion, with gains across all business segments. Notably, prudent balance sheet management, pricing discipline, and higher interest rates contributed to a noteworthy 131% year-over-year increase in net interest income. Operating costs increased by 27% in response to inflation. Furthermore, the bank’s conservative approach to risk and bad debt recovery led to a relatively small charge of PKR 615 million.
The bank is in a good position to satisfy the needs of its customers because of its wide range of products. With current accounts exhibiting excellent growth of PKR 68 billion (up 21%) since the beginning of the year, total deposits now stand at PKR 725 billion. Regarding assets, during the same period, net advances rose by PKR 18 billion, or 9%.
With a strong Return on Equity (ROE) of 46.3% and a Capital Adequacy Ratio (CAR) of 20.4%, Standard Chartered Bank Pakistan is well-positioned for future expansion. In addition to the 40.0% (PKR 4.00/-per share) interim cash dividend declared earlier in the year, the Board of Directors announced an interim cash dividend of 25.0% (PKR 2.50/-per share).
The CEO of Standard Chartered Bank Pakistan, Mr. Rehan Shaikh, expressed his delight with the outcomes and emphasized the bank’s dedication to the nation and its customers. The bank’s priorities continue to include expanding its consumer banking offerings, fortifying its position in the corporate market, and enabling trade corridors.
Standard Chartered is committed to sustainable growth, providing clients with exceptional services, and supporting Pakistan’s economic progress despite a difficult external environment. In order to combat injustice and empower the community, the bank keeps funding digital solutions, encouraging financial inclusion, and endorsing programs like “Futuremakers by Standard Chartered.”
