1HCY20: Standard Chartered Pakistan reports 26pc increase in profit before tax

KARACHI: The Board of directors of Standard Chartered Bank (Pakistan) Limited met on Tuesday to discuss the bank’s performance and announce its financial results for the first half of 2020.

The bank posted a profit before tax of Rs16.2 billion, which is 26pc higher than the corresponding period of last year.

Its overall revenue grew 26pc to Rs23.5 billion, whereas client revenue increased by 27pc year-on-year, with positive contributions from financial markets, retail products and transaction banking. 

Cost discipline continued with only 4pc YoY increase in operating expenses.

The current slowdown in economic activity due to Covid-19 impacted advances momentum. The bank is closely monitoring the portfolio in the backdrop of the changing economic environment and is maintaining adequate provisions, where required.

Depicting a growth of 17pc in H1, the bank’s total deposits closed at Rs547billion, with current and saving accounts constituting 93pc of the deposits base. The robust performance resulted in an increase of 14pc in total assets to achieve the Rs700 billion milestone. The optimal funding structure of the balance sheet continued to support the bank’s performance.

Commenting on the results, SCBL Chief Executive Officer Rehan Shaikh said, “I am delighted to announce our first-half 2020 results. The bank has performed exceptionally well and has continued to deliver on all key metrics on the back of a strong balance sheet.”

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