Standard Chartered Bank earns Rs5.2bn profit for 6 months

KARACHI: Standard Chartered Bank (Pakistan) Limited, announcing its financial results for first half of the year 2018, declared profit (after tax) of Rs 5.2 billion, showing 3% annual increase.

Client revenue has increased by 10 percent year-on-year with positive contribution from transaction banking, financial markets and retail deposits, said press release on Tuesday.

While administrative costs increased year on year, the spending has been mainly in the Bank's products, services and people to grow the franchise.

All businesses have positive momentum in client income with strong growth in underlying drivers. This is evident from pickup in net advances, which have grown by 12per cent since the start of this year. This was a result of 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 total deposits grew by 7per cent, whereas current and saving accounts grew by 9per cent since the start of this year.

The continuous increase in low cost deposits has significantly supported the Bank's performance with current and savings accounts comprising 94per cent of the deposit base.

Interim cash dividend of 7.50% (Rs. 0.75/- per share) in respect of the half year ended June 30, 2018 has been declared by the Board of Directors in their meeting held on August 27, 2018.