The Board of Directors of Standard Chartered Bank (Pakistan) Limited on Saturday reviwed the bank’s performance and announce its financial results for the third quarter ending September 2020.
The bank delivered a resilient financial performance in Q3 2020 with year to date profit before tax of Rs19.9 billion as compared to Rs19.7 billion in the corresponding period last year.
With revenue of Rs32 billion, the overall revenue growth was 12pc, whereas client revenue increased by 19pc year on year with positive contribution from financial markets, retail products and transaction banking. Cost discipline continues with only 5pc YoY increase in operating expenses.
The current slowdown in the economic activity due to Covid-19 impacted the momentum of the advance. The bank is closely monitoring the portfolio in the backdrop of the uncertain economic environment and is maintaining adequate provisions, where required.
The bank achieved another milestone as total deposits crossed Rs550 billion. With growth of 22pc year to date, total deposits closed at Rs570 billion, with current and saving accounts constituting 94pc of the deposits base.