Staff Reporter
Karachi
Standard Chartered Bank (Pakistan) Limited on Tuesday announced its results for the nine months period ended 30 September 2019. A strong performance by the Bank led to a growth of 56per cent in profit before tax to Rs19.8 billion.
Overall revenue growth was 41per cent, whereas client revenue increased by 32per cent year on year with positive contributions from transaction banking, corporate finance, treasury markets and retail products. Operating expenses continue to be well managed through operational efficiencies and disciplined spending with a decrease of 5per cent from comparative period last year.
Momentum in advances (net) continued with 16per cent growth since the start of this year. This was the result of a targeted strategy to build profitable, high quality and sustainable portfolios.
With a diversified product base, the Bank is well positioned to cater for the needs of its clients.
On the liabilities side, the Bank’s deposits grew by 6per cent, whereas current and saving accounts grew by 8per cent since the start of this year and are now 95per cent of the deposits base. The optimal funding structure of the balance sheet continues to support the Bank’s performance.
