Karachi, August 28, 2019: Standard Chartered Bank (Pakistan) Limited today announced its H1 Results for 2019. The Bank performed exceptionally well in H1 2019 and delivered a Profit before tax of PKR12.9 billion. This
Overall revenue growth was 36 percent, whereas client revenue increased by 25 percent year on year with strong contribution from transaction banking, corporate finance, treasury markets and retail products. In-country operating expenses decreased by 4per cent year on year on account of spending, mainly
All businesses have positive momentum in client income with strong growth in underlying drivers. This is also evident from the pickup in net advances which have grown by 12 percent since the start of this year. This was the result of a targeted strategy to build profitable, high quality and sustainable portfolios. With a diversified product base, the Bank is well positioned to cater for the needs of its clients.
On the liabilities side, the Bank’s deposits grew by 3 percent, whereas current and saving accounts grew by 4 percent since the start of this year and are now 95 percent of the deposits base. The optimal funding structure of the balance sheet continues to support the Bank’s performance.
The optimal funding structure and repricing profile of the balance sheet continues to support the Bank’s performance.
Commenting on the results, Shazad Dada, Chief Executive Officer, Standard Chartered Bank (Pakistan) Limited said, “I am delighted to announce the First Half 2019 results. The Bank has performed exceptionally well and have delivered a 52 percent higher profit before tax than corresponding period last year.
These results further demonstrate our commitment to delivering a consistent and sustained performance while leveraging our unique capabilities, digital strength and network presence. We are determined to drive commerce and help our clients achieve prosperity across our footprints.
While challenges in the external environment persist, there is an optimistic enthusiasm for the rest of the year. We are fully committed to sustained growth by consistently focusing on our clients and bringing to them a best in class product suite and services.”
