Standard Chartered Pakistan’s profit marginally up YoY in 2QCY24

Standard Chartered Bank (Pakistan) Limited (SCBPL), a subsidiary of Standard Chartered Plc, posted earnings of Rs10.24 billion in the three months that ended June 30, 2024, up nearly 7% from the profit-after-tax Rs9.59 billion recorded in the same period of the preceding year.

As per SCBPL’s latest financial results filed to the Pakistan Stock Exchange (PSX) on Tuesday, the earnings per share of the bank stood at Rs2.65 in the three-month period, an increase of EPS from Rs2.48.

The Board of Directors of the bank also recommended second interim cash dividend at 20% i.e. Rs2 per share of Rs10 each. This is in addition to first interim dividend already paid at 15% i.e. Rs1.5 per share of Rs10 each for the year ending 31 December 2024.

During the period, Standard Chartered earned interest amounting to Rs41.6 billion in 2QCY24, from Rs36.2 billion in 2QCY23, an increase of nearly 15%.

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As a result, the bank’s net mark-up increased to Rs23.99 billion in 2QCY24, as compared to Rs22.79 billion in 2QCY23, up by 5%.

In 2QCY24, SCBPL’s fee and commission income clocked in at Rs1.54 billion, an increase of over 24% against Rs1.23 billion earned in the same period last year.

The bank saw its foreign exchange income increase exponentially to Rs2.74 billion in 2QCY24, as compared to Rs211.76 million in SPLY, reflecting a jump of 1,200%.

During the period, the bank saw total income jump to Rs28.6 billion, up by 9%.

Standard Chartered’s non-interest expense rose to Rs5.34 billion in 2QCY24, up 21% against Rs4.43 billion in SPLY.

During the period, the firm reported a profit before tax of Rs24.55 billion, which increased by nearly 12%.

In 2QCY24, SCBPL paid taxes to the tune of Rs14.3 billion as compared to Rs12.4 billion in the preceding year, a gain of 15%.