Standard Chartered Bank (Pakistan) Limited, the country’s largest and oldest International bank announced its Annual Results for 2023 on Friday.
The Bank delivered a record performance in 2023 with a Profit before tax of PKR 89.2 billion, which is 78 per cent higher than last year. Profit after tax registered a growth of 115 per cent to close at PKR 42.6 billion, highest ever since its incorporation.
Overall revenue grew 72 per cent whereas client revenue increased by 78 per cent year on year with positive contributions from all segments. Operating expenses increased 29 per cent from last year in line with prevalent inflationary trend. Moreover, prudent risk approach coupled with recoveries of bad debts led to a net release of PKR 163 million in loan impairments during the year.
On the asset side, the Bank achieved a milestone of crossing PKR 1.0 trillion in total assets, which grew 8 per cent from start of the year. On liabilities side, the Bank’s total deposits stand at PKR 720 billion. Current accounts registered a healthy growth of PKR 34 billion (up 10 per cent) since the start of the year and comprise 50 per cent of the deposit base. During 2023, the Bank contributed around PKR 63.5 billion to the national exchequer in lieu of direct income taxes and as a withholding agent of Federal / Provincial Tax Authorities.
With a strong Return on Equity (ROE) of 46.4 per cent for the year and Capital Adequacy Ratio (CAR) of 20.1 per cent, the Bank remains well positioned for future growth. On the back of robust performance and a well-capitalised balance sheet, the Board of Directors have recommended a final cash dividend of 25 per cent (PKR 2.50 per share). This is in addition to the 65 per cent (PKR 6.50 per share) interim cash dividend announced during the year, thereby taking the total dividend pay-out to a record high of 90 per cent (PKR 9.00 per share).
