Standard Chartered Bank (Pakistan) Limited announced its Q1 2013 results. The Bank continues to build on the business momentum despite challenging economic and external environment. The quarterly profit of the bank (after tax) is PKR 1.39 billion in the first quarter of 2013 compared to PKR 1.55 billion in the first quarter of last year. The Bank's earnings per share in the current quarter are PKR 0.36 versus PKR 0.40 in the first quarter of last year.
Standard Chartered Bank (SCB) has a 150-year history in the region and continues to pursue its strategy of focused growth, improved cost discipline and prudent credit expansion. This resulted in a fractional increase in administrative expenses despite inflation, currency depreciation and investment in the franchise. Net impairments this quarter reduced by 38% in comparison with first quarter of last year. Though the external environment remains challenging the Bank maintains its strategy of focusing on assets' growth and retail liabilities pursued for sustainable growth of the franchise.
Commenting on the results Mohsin Nathani, Chief Executive, Standard Chartered Bank (Pakistan) Limited, said: "Despite a challenging external environment, Standard Chartered is proud to be operating as the largest and oldest foreign bank in Pakistan. Our results reflect our continuous discipline and determination on our strategy of focused growth, improved cost discipline and prudent credit expansion."-PR