Islamabad, Feb 21: Standard Chartered Bank Pakistan Limited (SCBPL) has reported a record-breaking profit before tax of PKR 100.6 billion, marking a 13% year-on-year (YoY) growth in 2024. The bank’s exceptional performance was fueled by strong income growth of 9% YoY, with positive contributions from all business segments. Despite operating in a high-inflation environment, the bank effectively controlled expenses, achieving the industry’s lowest cost-to-income ratio of 19%.
A prudent risk management strategy and recoveries of bad debts resulted in a net impairment reversal of PKR 4.9 billion, further strengthening the bank’s financial position. On the liabilities front, total deposits reached PKR 836 billion, reflecting an increase of PKR 116 billion from last year. Current accounts grew by 10% YoY, adding PKR 37 billion and now make up 48% of the total deposit base. However, on the asset side, net advances declined by PKR 49 billion (22%) compared to the previous year.
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During the year, SCBPL contributed PKR 78.9 billion to the national exchequer in direct income taxes, as well as Federal Excise Duty (FED) and provincial sales taxes. Despite external economic challenges, the bank remains committed to sustainable growth, technological advancements, and supporting Pakistan’s economic development.
Commenting on the results, Rehan Shaikh, CEO & Head of Coverage at Standard Chartered Pakistan, expressed pride in the bank’s achievements:
“These record-breaking results reflect our unwavering commitment to our clients and the success of our strategic priorities. Our team’s dedication has enabled us to cross the PKR 100 billion mark, and we are now leaner and better positioned to capitalize on future opportunities. With a 160-year legacy in Pakistan, we continue to play a key role in driving economic growth. I extend my gratitude to our shareholders, clients, and business partners for their trust in our capabilities.”
The bank reported a Return on Equity (ROE) of 43% and a Capital Adequacy Ratio (CAR) of 23.5%, positioning it well for future expansion. Based on its strong financial performance, the Board of Directors announced a final cash dividend of 55% (PKR 5.50 per share), in addition to the 35% (PKR 3.50 per share) interim dividend paid earlier. This brings the total dividend payout for 2024 to 90% (PKR 9.00 per share).
SCBPL continues to be recognized for its excellence, winning “Best Bank in the Commercial Sector” at the 39th Corporate Excellence Awards by MAP, as well as two accolades from CFA Society Pakistan—Best Bank 2023 (Mid-Sized Banks) and the Gender Diversity at Workplace Award. The bank was also honored at the GDEIB Awards, ranking among the top 20 inclusive organizations in Pakistan.
Through its Futuremakers initiative, Standard Chartered actively supports gender inclusion, economic empowerment, and employability. The SC Women in Tech Programme has backed over 145 women-led businesses since 2019, while the Goal Programme has impacted 90,000 underprivileged adolescent girls by providing financial literacy and employability training. The bank also promotes youth sports, partnering with Karachi United to organize the Seventh Youth League Football Tournament for children.
With continued investments in digital banking and innovative solutions, Standard Chartered Pakistan remains committed to delivering best-in-class services, strengthening its market position, and contributing to the country’s economic growth.
