Standard Chartered Bank (Pakistan) Limited has announced its Annual Results for the year 2016. The Bank delivered resilient financial performance with Profit before tax of PKR 15.3 billion in 2016 compared to PKR 15.4 billion in 2015. Revenue was lower by PKR 2.9 billion primarily due to reduced margins.
Administrative costs continue to be well managed through operational efficiencies and disciplined spending, leading to a 1 percent decrease from comparative year. Moreover strong recoveries of bad debts, coupled with lower impairments led to a net release of PKR 1.1 billion in the current year. Resultantly, Profit after tax has increased by 4per cent year on year.
Advances grew by 5 percent since the start of this year and on the liabilities side, the bank's total deposits grew by 12 percent. The continuous increase in low cost deposits has significantly supported the Bank's performance with current and savings accounts comprising 94 percent of the deposit base.
The Bank continues to invest into its digital capabilities and infrastructure to enhance banking experience through introduction of innovative digital solutions. It is fully committed for sustained growth by consistently focusing on its clients and product suite along with a prudent approach to building the balance sheet while bringing the best in class services to its client base.
Final cash dividend of 12.50 percent (Rs 1.25 per share) has been recommended by the Board of Directors for approval at the Eleventh Annual General Meeting of the Bank's shareholders. Commenting on the results Shazad Dada, Chief Executive, Standard Chartered Bank (Pakistan) Limited, said, "These results further demonstrate our commitment to delivering a consistent and sustained performance. Having strengthened our foundations on controls and conduct, we recognise the importance of re-energising growth with a focus on income whilst keeping strong cost and risk management. This ensures that returns continue to grow at a sustainable level. The external environment remains challenging and we are committed to improving our performance whilst ensuring our clients' needs are at the heart of everything we do."-PR