Standard Chartered Pakistan delivers a strong financial performance for Q1 2024

                                                             

Standard Chartered Bank Pakistan Limited (SCBPL) delivered a strong

performance, that has led to a growth of 53% in profit before tax to PKR 24.7 billion.

Overall revenue grew 44%, whereas client revenue increased by 36% year on year with positive

contributions from all segments. While operating expenses increased 22% from comparative

period in line with inflation, bank continues to lead the industry with the lowest cost to income ratio

of 17%. Moreover, lower impairments as a result of prudent risk approach coupled with recoveries

of bad debts led to a net release of PKR 0.5 billion in Q1’24 compared to a net charge of PKR 0.2

billion in the comparative period.

On the liabilities side, the Bank’s total deposits stand at PKR 765bn; up by PKR 45 billion,

whereas current accounts registered a healthy growth of PKR 33 billion up 9% since the start of

this year and comprise 52% of the deposit base. On asset side, net advances were lower by PKR

11 billion or 5% since the start of this year.

The Bank is investing in its digital capabilities and infrastructure to enhance our clients’ banking

experience through the introduction of innovative solutions. We have made steady progress in

further strengthening our control and compliance environment by focusing on our people, culture

and systems. The Bank stands well placed to cater for the needs of its clients and will continue its

strategy to build a profitable, efficient and sustainable portfolio.

Commenting on the results, Mr. Rehan Shaikh, Chief Executive Officer, Standard Chartered Bank

(Pakistan) Limited said, “I am incredibly proud of our team’s hard work and dedication that has led

to our outstanding performance in Q1 2024. This achievement reflects our commitment to

excellence and our relentless pursuit of success in serving our customers and driving growth.

I am thankful to our shareholders, clients and business partners for their ongoing trust in our

capabilities, and our associates, staff and colleagues for their keen commitment in supporting the

Bank at each step as we bring forth the best-in-class banking experience. We are optimistic about

2024 as we see more growth opportunities opening up with improvement in economic imprints as

well as overall business environment.”

With a strong Return on Equity (ROE) of 47% for the period and a Capital Adequacy Ratio (CAR)

of 18.31%, the Bank remains well positioned for future growth. On the back of a strong

performance, the Board of Directors were pleased to announce an interim cash dividend of 15.0%

(PKR 1.50/- per share) in respect of the three months period ended March 31, 2024.