Standard Chartered H1 profit increases 45pc

Thursday, August 30, 2012 - Karachi—Standard Chartered Bank (Pakistan) Limited has announced its H1 2012 Results. The Bank has successfully executed its strategy of focused growth, improved cost discipline and prudent credit expansion resulting in improved financial performance with steady revenue and decreasing loan impairments.

The Bank’s Profit (before tax) has grown by 45 per cent to PKR 3,900 billion PKR 3.9 billion in H1 2012, with earnings per share up at PKR 0.65 per share from PKR 0.44 per share in H1 2011. Administrative costs have again remained more or less flat despite continuing double digit inflation. Deposits have increased by 6% to PKR 249 billion from PKR 236 billion, while advances (net of provisions) have grown by 4% to PKR 135 billion from PKR 130 billion in December 2011.

Assets quality remains good with a high coverage ratio of 82 per cent for non-performing loans. The Bank thus remains well capitalised and highly liquid with surplus funds continue to be deployed in Government Securities.

Interim cash dividend of 7.50% (Re. 0.75/- per share) in respect of the half year ended June 30, 2012 has been declared by the Board of Directors in their meeting held on August 28, 2012.

Commenting on the results Mohsin Nathani, Chief Executive, Standard Chartered Bank (Pakistan) Limited, said, “The Bank continues to deliver a strong set of results for the first half of 2012. The growth in revenue is encouraging, while we continuously endeavour to keep cost growth at moderate levels, ensuring necessary investment in our businesses to keep the momentum rolling. The Bank is dedicated to continuing to grow our business here and to provide the high quality of service and products to our customers.”