Standard Chartered Pakistan records profit growth
of 121% in 9 months of 2023
Standard Chartered Bank Pakistan achieved an unprecedented
profit before tax of Rs. 63.0 billion for the nine months ending on September
30, 2023, marking a remarkable 73 percent year-on-year increase.
During the same period, profit after tax surged by an impressive
121 percent year on year, reaching Rs. 31.4 billion. This outstanding
performance was fueled by robust income growth, combined with a continued focus
on cost management and risk control.
Standard
Chartered Bank Pakistan posts unprecedented 132% surge in half-year profit
The Bank's overall revenue witnessed substantial growth, surging
by 70 percent, resulting in a total of Rs. 76.9 billion in revenue. All
segments of the bank contributed positively to this growth. Standard
Chartered's Net Interest Income experienced a robust increase of 131 percent
year on year, driven by proactive balance sheet management, disciplined
pricing, and higher interest rates.
Operating expenses increased by 27 percent compared to the
same period the previous year, in line with inflation. Furthermore, prudent
risk management and recoveries of bad debts led to a modest charge of Rs. 615
million for the period.
On the liabilities side, the Bank's total deposits amounted
to Rs. 725 billion, with current accounts showing a significant growth of Rs.
68 billion (a 21 percent increase) since the beginning of the year. On the
assets side, net advances grew by Rs. 18 billion (a 9 percent increase) since
the start of the year.
BankIslami
Pakistan’s profit growth surges 196% in first three quarters of 2023
With a robust Return on Equity (ROE) of 46.3 percent for the
period and a healthy Capital Adequacy Ratio (CAR) of 20.4 percent, the Bank is well-positioned
for future growth. In light of this strong performance, the Board of Directors
is delighted to announce an interim cash dividend of 25.0 percent (Rs. 2.50/-
per share) in respect of the nine-month period ending on September 30, 2023.
This dividend is in addition to the 40.0 percent (Rs. 4.00/- per share) interim
cash dividend declared during the first half of the year, ending on June 30,
2023.
Rehan Shaikh, Chief Executive Officer, commented, "I am
pleased to share our 3rd quarter results reflecting our resilience, strong
foundations, continued transformation, and enhanced progress toward achieving
our strategic priorities. The results also underscore our commitment to the
country and our determination to seize opportunities in the market while
providing deep expertise to support our clients in their endeavors. We remain
focused on leveraging our network to facilitate our clients in various trade
corridors and building momentum in the Sovereign, Multinational, and Local
Corporates space. In the consumer banking sector, we are deepening our presence
in the Affluent segment while advancing the digitization of our mass market
offerings."
MCB
Bank posts record profit of Rs. 32.7 bn
Furthermore, he added, "We are committed to becoming
more operationally efficient and innovative while investing in technologies and
capabilities for the future. The adoption of new working methods has yielded
tangible results in terms of productivity, employee well-being, and our
approach to doing business. I extend my gratitude to our clients and business
partners for their ongoing trust in our abilities, and to our dedicated
associates and colleagues for their unwavering commitment, passion, and hard
work in supporting the Bank's journey. While the external environment remains
challenging, we remain fully committed to delivering sustainable growth for our
shareholders, offering top-notch services and solutions to our clients, and
playing our part in Pakistan's growth story."
Source: Pro Pakistani