Standard Chartered Bank (Pakistan) Limited has reported a 132 percent surge in after-tax profit, reaching Rs 18.78 billion for the six-month
period ending on June 30, 2023.
In a communication with the Pakistan Stock Exchange (PSX), the bank unveiled its financial results for the period spanning January to June
2023. For context, the bank's after-tax profit during the same period in the preceding year amounted to Rs 8.11 billion.
This substantial increase in profit has also translated into a significant rise in earnings per share, soaring to Rs 4.85 for the six-month period concluding on June 30, 2023, as compared to Rs 2.09 in the corresponding period of the prior year.
During a board of directors meeting convened on August 23, 2023, the bank proposed an interim cash dividend at 40 percent, equating to Rs 4 per share of Rs 10 each, for the fiscal year ending in December 2023.
The bank's financial statement highlights that the robust growth in markup and interest income played a pivotal role in driving the increased after-tax profit. The bank's markup earnings reached Rs 42.52 billion for the first half of 2023, a significant surge from Rs 17.04 billion in the corresponding half of the previous year. This surge in earnings contributed to a total income of Rs 46.64 billion, up from Rs 27.43 billion.
Operating expenses of the bank also experienced an uptick, reaching Rs 7.89 billion during the January to June 2023 period, in contrast to Rs 6.24 billion in the corresponding period of the prior year. These financial
results underscore the robust performance and financial stability of Standard Chartered Bank Pakistan in the initial half of 2023.
Source: pkrevenue.com