Standard Chartered Bank Pakistan Limited (SCBPL) delivers record half-yearly profit before tax of PKR 22.0 billion, registering an increase of 84 percent. Performance was driven by strong income growth, as well as continued cost and risk discipline.
Overall revenue grew by 60 per cent to deliver highest ever top-line of PKR 27.4 billion, with positive contributions from all segments. Operating expenses continue to be well managed through operational efficiencies and disciplined spending with an increase of 11 per cent from the same period last year. Moreover, reversal of Covid-19 general provision, coupled with lower impairments and strong recoveries led to a net release of PKR 1.3 billion in H1’22 against a net release of PKR 0.7 billion in loan impairments in the comparative period.
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 total deposits grew by PKR 48.0 billion (up 8%), whereas current and saving accounts increased by PKR 58.0 billion (up 10%) since the start of this year and comprise 94% of the deposit base. On the other hand, advances increased by 2% during first half of the year and the Bank continues to monitor the portfolio in the prevailing economic environment as part of its strategy to build a profitable, efficient and sustainable business.
The external environment remains challenging, however we remain fully committed to delivering a sustainable growth for our shareholders, bringing the best in class services and solutions for our clients and playing our part in the growth story of Pakistan. Standard Chartered continues to make good progress against its strategic priorities.
The global network differentiates the Bank for its clients, bringing forth innovative solutions, product specialisation and structured offshore offerings. The Bank strives to maximise the contribution to State Bank’s initiatives on promoting housing finance and is consistently ranked amongst the top institutions.
As of now over PKR 4.9 billion have been dispersed under Mera Pakistan Mera Ghar scheme. SCBPL has been a major contributor towards the Roshan Digital Account (RDA) initiative and has channelled remittances of over USD 367 million into Pakistan since inception and contributed USD 320 million to the investments in Naya Pakistan Certificate (NPC).