StaChart Pakistan posts profit of Rs8.8 billion
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
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.