Islamabad. Aug 27: The H1 2024 Results of Standard Chartered Bank (Pakistan) Limited were released today. To Rs. 49.3 billion, the Bank’s profit before taxes increased by 29%. During the period under review, the profit after tax rose by 14% to Rs. 21.4 billion.
While client revenue grew by 23% year over year with solid contributions from all segments, overall revenue growth was 24%.
Despite a 22 percent increase in operational expenses compared to the comparative period due to inflation, the bank maintains its industry-leading low cost-to-income ratio of 18 percent.
Furthermore, a net release of Rs. 1.8 billion was made in H1 2024 as opposed to a net release of Rs. 12 million in the comparative period due to fewer impairments as a result of a conservative risk posture combined with bad debt recoveries.
In terms of liabilities, the Bank’s total deposits have increased by Rs. 97 billion to Rs. 817 billion, while current accounts, which make up 49% of the deposit base, have grown by a healthy Rs. 36 billion (10%) since the year’s beginning. In terms of assets, net advances have decreased since the year’s beginning by Rs. 12 billion, or 5%.
Rehan Shaikh, Chief Executive Officer of Standard Chartered Bank (Pakistan) Limited, offered the following commentary on the outcomes:
The Bank is still well-positioned for expansion, with a robust Return on Equity (ROE) of 44% for the period and a Capital Adequacy Ratio (CAR) of 20%. The Board of Directors was happy to declare an interim cash dividend of 20.0 percent (Rs. 2.00/-per share) for the six months ending June 30, 2024, in light of a solid performance. This is on top of the interim cash dividend of 15.0 percent (or Rs. 1.50/-per share) that was declared and paid during the period.
