Standard Chartered Bank (Pakistan) Limited delivered a record profit before tax of PKR 38.1 billion for H1’23, registering an increase of 73 per cent year on year. Profit after tax grew by 132% year on year to PKR 18.8 billion during the first half of the year.
Performance was driven by strong income growth, as well as continued cost and risk discipline.
Overall revenue grew by 70 per cent to deliver a top-line of PKR 46.6 billion, with positive contributions from all segments.Net Interest Income witnessed strong growth of 150% year on year, driven by proactive balance sheet management, pricing discipline and higher interest rates.
Operating expenses were well-managed through efficiencies and disciplined spending, with an increase of 27 per cent from comparative period in line with inflation. Moreover, lower impairments as a result of a prudent risk approach coupled with recoveries of bad debts led to a net release of PKR 12 million in H1’23.
With a diversified product base, the Bank stands well-positioned to cater to the needs of its clients.
On the liabilities side, the Bank’s total deposits stand at PKR 726 billion. Current accounts registered a strong growth of PKR 83.7 billion (up 25 per cent) from the start of the year. On the assets side, net advances remained flat, reflecting the Bank’s cautious lending approach and prevailing economic conditions.
Standard Chartered continues to make good progress against its strategic priorities. The global network differentiates the Bank for itsclients, bringing forth innovative solutions, product specialisation and structured offshore offerings.
