Karachi, 29 October 2024: Standard Chartered Bank Pakistan Limited (SCBPL) delivered a strong performance, that has led to a growth of 20% in profit before tax to PKR 75.5 billion.
Overall revenue grew 16% year on year with positive contributions from all segments. While operating expenses increased 18% from the comparative period in line with inflation, the Bank continues to lead the industry with the lowest cost-to-income ratio of 18%.
Moreover, lower impairments because of the prudent risk approach coupled with recoveries of bad debts led to a net release of PKR 1.8 billion for the nine months ended 30 September 2024 compared to a net charge of PKR 615 million in the comparative period.
On the liabilities side, the Bank’s total deposits stand at PKR 842 billion; up by PKR 123 billion since the start of the year, whereas current accounts registered a healthy growth of PKR 33 billion up 9% since the start of this year and comprise 47% of the deposit base. On the asset side, net advances were lower by PKR 25 billion (11%) since the start of this year.
The Bank is investing in its digital capabilities and infrastructure to enhance its clients’ banking experience through the introduction of innovative solutions. These capabilities can substantially and economically scale up mass market retail presence through enhanced data analytics and a superior end-to-end digital experience. The bank has also upgraded the core banking system to an advanced platform. Standard Chartered stands well-placed to cater to the needs of its clients and will continue its strategy to build a profitable, efficient, and sustainable portfolio.
Commenting on the results, Rehan Shaikh, Chief Executive Officer, of Standard Chartered Bank (Pakistan) Limited said, “I am incredibly proud of our team’s unwavering dedication which delivered outstanding results in Q3 2024. This achievement reflects our relentless pursuit of excellence in every aspect – elevating customer experiences and driving meaningful growth. I am thankful to our shareholders, clients, and business partners for their continued trust in our capabilities. Together, we are setting new benchmarks for success.”
With a strong Return on Equity (ROE) of 43.3% for the period and a Capital Adequacy Ratio (CAR) of 22.9%, the Bank remains well-positioned for future growth.
Standard Chartered has also been recognised by the CFA Society, receiving two prestigious accolades: Best Bank 2023 in the Mid-Sized Banks category and the Gender Diversity at Workplace Award.
In addition, the Bank’s efforts in making a difference in the communities it works in are underscored through a variety of initiatives in Q3’24. Through the launch of the SC Women in Tech Programme, the Bank continues to address gender disparity in the technology sector.
Through the Goal Accelerator Programme, a sport-powered initiative, the Bank works to create concrete pathways for disadvantaged girls and young women to become economically resilient. The Bank has also partnered with Karachi United and launched the Seventh Youth League – Football Tournament to promote sports amongst children for the seventh year in a row.
