Standard Chartered Bank Pakistan Limited (SCBPL) delivered a robust performance in the first quarter of 2024, with a 53% increase in profit before tax to PKR 24.7 billion. This achievement highlights the bank’s commitment to excellence and its dedication to driving growth and exceptional customer service.
SCBPL’s performance across all segments was positive, contributing to a 44% increase in overall revenue and a 36% rise in client revenue. The bank continues to maintain the industry’s lowest cost-to-income ratio at 17%, demonstrating its focus on operational efficiency. Prudent risk management strategies resulted in lower impairments and bad debt recoveries, leading to a net release of PKR 0.5 billion in Q1’24 compared to a net charge in the previous year.
The bank’s total deposits reached PKR 765 billion, reflecting a PKR 45 billion increase. Current accounts, a key indicator of customer confidence, witnessed a healthy growth of PKR 33 billion, accounting for 52% of the deposit base. SCBPL is actively investing in digital capabilities and infrastructure to enhance the customer experience through innovative solutions.
Standard Chartered Pakistan remains optimistic about 2024, anticipating new growth opportunities as economic conditions and the overall business environment improve. The bank’s commitment to building a profitable, efficient, and sustainable portfolio positions it for continued success.
The Board of Directors declared an interim cash dividend of 15% (PKR 1.50/- per share) for the quarter ending March 31, 2024, reflecting the bank’s strong financial performance.
