Observer Report Karachi
Standard Chartered Bank (Pakistan) Limited announced its Q3 Results for 2021. The Bank delivered a resilient financial performance in Q3 2021 with year to date Profit before tax of PKR 18.4 billion, compared to PKR 19.9billion in the corresponding period last year.
The Bank achieved revenue in excess of PKR 26 billion, despite challenging external environment and margin compression.
While y/y revenue was down, the q/q momentum has picked up with a growth of 10% in Q3’21 compared to same period last year.
Administrative costs continue to be well managed through operational efficiencies and disciplined spending resulting in y/y increase of 1% compared to same period last year.
Moreover, strong recoveries of bad debts, coupled with lower impairments because of prudent risk approach led to a net release of PKR 0.8 billion in YTD Sep’21 compared to a charge of PKR 3.2 billion in the comparative period.
