Standard Chartered Bank Pakistan Limited (SCBPL) posts a record half-yearly profit before tax of PKR 22.0 billion, showing an improvement of 84 percent; performance was stimulated by strong income growth, besides continued cost and risk discipline.
According to the details, overall revenue increased by 60 percent to bring the highest ever top-line of PKR 27.4 billion, with progressive contributions from all segments. Operating costs continue to be well managed through operational efficiencies and controlled spending with an increase of 11 percent against the same period last year.
Moreover, due to the reversal of the Covid-19 general provision, coupled with lower disfigurement and strong recoveries, PKR 1.3 billion was released in H1’22 against a net release of PKR 0.7 billion in loan impairments in the corresponding period.
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With an improved product base, the Bank is well positioned to cater to the demands of its clients. On the liabilities side, the Standard Chartered Bank’s total deposits surged by PKR 48.0 billion (up 8%), while current and saving accounts showed an increase by PKR 58.0 billion (up 10%) since the start of this year and comprise 94% of the deposit base.
Considering the other side, advances grew by 2% during the first half of the year and the Bank continues to manage the portfolio in the current economic environment as part of its strategy to develop a commercial, efficient and sustainable business.
Furthermore, the external conditions remain challenging, however, the bank remained fully devoted to providing sustainable growth for shareholders, bringing the best in class services and solutions for customers, and playing their part in the growth story of Pakistan; Standard Chartered continues to make good progress against its strategic priorities.
The global network differentiates the Bank from its customers, bringing forth innovative solutions, product specialization, and planned offshore offerings. The Bank struggles to maximize its contribution to State Bank’s initiatives on encouraging housing finance and is constantly ranked among the top institutions. As of now over, Rs4.9 billion has been distributed under the Mera Pakistan Mera Ghar scheme.
Besides, SCBPL plays a key role in contributing to the Roshan Digital Account (RDA) initiative and has channeled remittances of more than USD 367 million into Pakistan since its initiation and contributed USD 320 million to the investments in Naya Pakistan Certificate (NPC).