Standard Chartered Bank earns Rs. 42.6 billion after tax profit
Standard Chartered Bank (Pakistan) Limited has announced its remarkable financial performance for 2023, marking a significant milestone in
its history.
The bank disclosed a record-breaking profit before tax of Rs. 89.2 billion, showcasing a remarkable 78 percent increase compared to the previous year. After-tax profit soared to an unprecedented Rs. 42.6 billion, the highest ever recorded since its establishment.
Standard
Chartered Pakistan records profit growth of 121% in 9 months of 2023
Throughout the fiscal year, overall revenue surged by an impressive 72 percent, with client revenue witnessing a substantial 78 percent growth, attributable to positive contributions from all sectors. Operating expenses rose by 29 percent compared to the previous year, aligning with prevailing inflationary pressures.
Additionally, a prudent risk management strategy, coupled with successful recoveries of bad debts, resulted in a net release of Rs. 163 million in loan impairments.
The bank achieved a significant milestone by surpassing Rs. 1.0 trillion in total assets, representing an 8 percent increase from the beginning of the year. Total deposits stood at Rs. 720 billion, with current accounts experiencing a robust growth of Rs. 34 billion, constituting 50 percent of the deposit base.
In terms of contributions to the national exchequer, the bank paid approximately Rs. 63.5 billion in direct income taxes and as a withholding agent to Federal and Provincial Tax Authorities.
Standard
Chartered Bank Pakistan posts unprecedented 132% surge in half-year profit
With a robust Return on Equity (ROE) of 46.4 percent and a Capital Adequacy Ratio (CAR) of 20.1 percent, the bank is well-positioned for future growth. The Board of Directors has proposed a final cash dividend of 25 percent (Rs. 2.50 per share), in addition to the interim cash dividend of 65 percent (Rs. 6.50 per share) declared earlier in the year, bringing the total dividend payout to a record high of 90 percent (Rs. 9.00 per share).
Rehan Shaikh, Chief Executive Officer of Standard Chartered Bank (Pakistan) Limited, expressed immense pride in the exceptional performance achieved in 2023. He attributed the success to the diligent efforts undertaken to transform and expand the business, emphasizing the bank's resilient and innovative business model, client trust, and shareholder value creation.
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Shaikh reiterated the bank's commitment to delivering sustainable growth, focusing on enhancing income growth, operational efficiency, and digital transformation to improve productivity, client and employee experience, and foster further growth initiatives, despite the prevailing challenging external environment.
Source: Pro Pakistani