Standard Chartered Bank (Pakistan) Limited displayed a record-breaking performance in the annual results for 2023 that it released. With a profit before taxes of PKR 89.2 billion, the bank outperformed the previous year by a noteworthy 78%.
This outstanding performance also results in the largest profit after taxes, totaling PKR 42.6 billion, an increase of 115%. The bank attributes its accomplishment to the good contributions made by all segments, which resulted in a growth of 72% and 78% in overall and customer revenue, respectively.
At the beginning of 2023, Standard Chartered Pakistan’s total assets grew by 8%, surpassing PKR 1.0 trillion, marking a significant milestone. Along with its impressive deposit base of PKR 720 billion, the bank also claims a healthy 10% growth in current accounts, which currently make up 50% of the deposit base.
Furthermore, with a strong Capital Adequacy Ratio (CAR) of 20.1% and Return on Equity (ROE) of 46.4%, the bank is still in a strong position for future expansion. 90% of the record-high dividend distribution (PKR 9.00 per share) results from this outstanding performance.
Standard Chartered Pakistan wants to expand on this achievement in the future by concentrating on accelerating income growth and streamlining operations. They intend to accomplish this by further digitizing and streamlining corporate processes, which will improve customer and employee experiences and promote long-term growth.
