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 in-come 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 posi-tive contributions from all segments. Operating expenses continue to be well managed through op-erational 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 recover-ies led to a net release of PKR 1.3 billion in H1’22 against a net release of PKR 0.7 billion in loan im-pairments 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 profit-able, 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 cli-ents and playing our part in the growth story of Pakistan.