Standard Chartered Bank (Pakistan) Limited has declared a profit before tax of Rs 8.6 billion in H1 2017. Revenue was lower by Rs 1.6 billion primarily due to reduced margins and re-pricing within the investments portfolio. However, underlying client income across all segments has increased. Administrative costs continue to be well managed through operational efficiencies and disciplined spending with in-country cost decreasing by 3 percent from comparative period of last year.
The Bank's advances have grown by 26 percent since the start of this year. On the liabilities side, the bank's total deposits grew by 4 percent, whereas current accounts grew by 8 percent since the start of this year. The continuous increase in low cost deposits has significantly supported the Bank's performance with current and savings accounts comprising 93 percent of the deposit base.
Interim cash dividend of 7.50 percent (Re 0.75/-per share) in respect of the half year ended June 30, 2017 has been declared by the Board of Directors in their meeting held on August 28, 2017. Commenting on the results, Chief Executive Standard Chartered Bank Shahzad Dada said, "These results demonstrate resilience of our business. We are well capitalised, highly liquid and are becoming stronger, leaner and more efficient. With a diversified product base, the Bank is well positioned to cater for the needs of its clients."-PR