StanChart denies shutting down ops in Pakistan

SCB posts 56pc growth during 9MCY19

The Standard Chartered Bank has denied reports of closing operations in Pakistan. The bank in a recent tweet denied all such reports, saying, "The news published in Daily Jasarat is false and we completely deny this news."

The tweet added that Standard Chartered has been operating in Pakistan for over 150 years and is absolutely committed to the country. "We are very proud to serve our clients in this country," the bank's official account said.

Earlier, reports were circulating on social media that the SCB is going to close its operations in Pakistan .

There were rumours that the bank has decided to transfer the accounts of its customers to Habib Bank.

Standard Chartered Bank Pakistan Ltd. is the oldest and largest international bank in Pakistan . It is also the first international bank to be awarded Islamic banking licence and the first to open an Islamic banking branch.

The Bank, which started as the Chartered Bank opened its first office in Karachi in March 1863. It serves both Retail and Corporate and Institutional Banking customers.

The Bank employs over 3,400 people in Pakistan and has a network of 68 branches

KARACHI: Standard Chartered Bank (Pakistan) Limited announced its results for the nine months period ended 30 September 2019. A strong performance by the Bank led to a growth of 56per cent in profit before tax to Rs19.8 billion.

Overall revenue growth was 41per cent, whereas client revenue increased by 32per cent year on year with positive contributions from transaction banking, corporate finance, treasury markets and retail products. Operating expenses continue to be well managed through operational efficiencies and disciplined spending with a decrease of 5per cent from comparative period last year.

Momentum in advances (net) continued with 16per cent growth 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.

in 11 cities. Standard Chartered Bank announced today the launch of it's Goal programme in Islamabad, in collaboration with non-profit business partner Right To Play. Together, both entities will implement sports and life skills training to empower and equip young girls with the confidence, knowledge and skills they need to be integral economic leaders in their families, communities and societies.

Goal was launched in Karachi in 2016 and since it's launch, the Bank has impacted more than 11,000 adolescent girls' lives in Pakistan. Goal is Standard Chartered's leading education programme

that provides financial literacy, life skills and employability training to young girls across its footprint.

Several studies have shown that investment in girls positively affects GDP growth rates. A World Bank study in 1999 demonstrates that increasing the secondary education of girls by 1 per cent results in an annual income increase of 0.3 per cent per capita. Educating girls and giving them the tools to shape their own future has an incredible multiplier effect on economic growth.

It leads to increased prosperity not just for individuals but for their communities and their societies.