Standard Chartered Bank (Pakistan) Limited announced its third quarter results. The bank continues to build on the business momentum despite challenging economic and external environment. The bank continues to deliver strong financial performance with nine months profit before tax of Rs 11.3 billion resulting in earnings per share of Rs 1.90. This is 63 percent higher than corresponding period last year.
The decrease in administrative expenses is due to a reversal in executive and general administrative expenses. Excluding this reversal, administrative expenses have moderately increased by two percent which is well below the ongoing inflation in the country.
On the other hand, the decline in revenue due to lower interest rates which was partially covered by growth of low cost deposits in the period.
With the bank's focus on recoveries, there have been net releases in loan impairments in the nine months of this year. The Bank continues to be disciplined and proactive in its approach to risk management and would appropriately account for any impairment in its past dues on a timely basis.
The deposit momentum continued with a growth of almost 15 percent since the start of this year.
The continuous growth in low cost deposits has significantly supported the bank's performance with current and savings account now comprising over 92 percent of the deposits base. This composition and average cost is one of the best in the industry.-PR
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