StaChart Pak­istan posts profit of Rs8.8 bil­lion

The Pak Banker - - FRONT PAGE - KARACHI -APP

Stan­dard Char­tered Bank (Pak­istan) Limited, the coun­try's largest and old­est In­ter­na­tional bank, an­nounced its fi­nan­cial re­sults for first quar­ter 2020.

The Bank con­tin­ues its mo­men­tum to de­liver a strong per­for­mance with profit be­fore tax of PKR 8.8Bn, which is 30per cent higher than Q1 2019. It is the high­est ever first quar­ter profit since the Bank's in­cor­po­ra­tion in Pak­istan.

All busi­ness seg­ments have con­trib­uted to the growth with an in­crease of 27 per cent in rev­enue. Client in­come grew by 42per cent year on year, with strong growth in un­der­ly­ing driv­ers. Mo­men­tum in ad­vances (net) con­tin­ued with 11per cent growth since the start of the year. This is the re­sult of a tar­geted strat­egy to build prof­itable, high qual­ity and sus­tain­able port­fo­lios. With a well-di­ver­si­fied prod­uct base, the Bank is well po­si­tioned to cater to the needs of its clients. On the li­a­bil­i­ties side, the Bank achieved a mile­stone as to­tal de­posits crossed PKR 500bn. The Bank's per­for­mance is sup­ported by the op­ti­mal fund­ing struc­ture of the balance sheet. To­tal de­posits grew by 10per cent, whereas cur­rent and sav­ing ac­counts grew by 11per cent.

The Bank main­tains its lead­er­ship in low cost de­posits with CASA to De­posits ra­tio at 94per cent which de­spite strong com­pe­ti­tion is the best in class in the industry. Op­er­at­ing ex­penses in­creased by only 6per cent year on year on ac­count of spend­ing mainly to strengthen Bank's prod­ucts, ser­vices and people to fuel fu­ture growth of the fran­chise.

Com­ment­ing on the re­sults, Mr. Shazad Dada, Chief Ex­ec­u­tive Of­fi­cer, Stan­dard Char­tered Bank (Pak­istan) Limited said,

"I am de­lighted

to

an­nounce that the Bank con­tin­ues its mo­men­tum to de­liver a strong per­for­mance in first quar­ter 2020 by re­port­ing the high­est ever quar­terly profit sin­ceits in­cor­po­ra­tion.

With the Out­break of Covid-19, we are liv­ing in ex­tra­or­di­nary times which have im­pacted Pak­istan's econ­omy as well. For all of us at Stan­dard Char­tered, in times of cri­sis, we truly be­lieve in our brand prom­ise here for good, and our fo­cus con­tin­ues to be on the health and wellbeing of our staff, clients and the greater good of our com­mu­ni­ties.

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