Standard Chartered Bank (Pakistan) Limited (SCBPL) has reported an 8% increase in after-tax profit for the year 2024, reaching Rs 46 billion, up from Rs 42.6 billion in 2023.
The bank’s board of directors has recommended a final cash dividend of 55% (Rs5.5 per share), adding to the 35% interim payout, bringing the total dividend to 90% for the year.
Total income surged 9.3% to Rs118.2bn, driven by a sharp 85% rise in non-markup income to Rs24.6bn. Foreign exchange income increased 73.6% to Rs9.9bn, while securities gains rebounded to Rs4.6bn, reversing a Rs996mn loss in 2023.
Fee and commission income jumped 26.7% to Rs7bn, and dividend income nearly doubled to Rs100mn. Despite a 4.8% rise in markup income to Rs159.1bn, net interest income declined 1.3% to Rs93.5bn, impacted by a 14.9% increase in interest expenses to Rs65.6bn.
SCBPL’s pre-tax profit stood at Rs100.6bn, marking a 12.8% year-on-year growth. After a 17.1% rise in taxation to Rs54.6bn, profit after tax settled at Rs46bn. Earnings per share (EPS) for 2024 rose to Rs11.9, compared to Rs11.01 in 2023.
SCBPL’s robust earnings were fuelled by strong foreign exchange income, improved securities gains, and higher fee-based revenue, though rising expenses and credit loss provisions impacted overall margins.
