Standard Chartered Bank (Pakistan) Limited has posted highest ever first quarter profit since the Bank's incorporation in Pakistan.
The Bank continues its momentum to deliver a strong performance with profit before tax of Rs 8.8 billion, which is 30 percent higher than first quarter of 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 27per cent in revenue. Client income grew by 42 percent year on year, with strong growth in underlying drivers. Momentum in advances (net) continued with 11 percent 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 Rs 500 billion. The Bank's performance is supported by the optimal funding structure of the balance sheet. Total deposits grew by 10 percent, whereas current and saving accounts grew by 11per cent. The Bank maintains its leadership in low cost deposits with CASA to Deposits ratio at 94 percent 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, Shazad Dada, Chief Executive Officer, Standard Chartered Bank (Pakistan) Limited said that "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 since its incorporation.He said that with the outbreak of Covid-19, we are living in extraordinary times, which has 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. Despite the external challenges, our digital journey is well on-track, he added. "We have also made steady progress in further strengthening our control and compliance environment."-PR
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