Standard Chartered Bank (Pakistan) Limited Friday announced its results for the nine months period ended 30 September 2018. The Bank performed fundamentally well with a Profit before tax of Rs 12.6 billion compared to Rs 10.6 billion in corresponding period last year, delivering a growth of 20 percent year on year.
Overall revenue growth was 5 percent, whereas client revenue has increased by 9 percent year on year with positive contribution from transaction banking, financial markets and retail deposits.
All businesses have positive momentum in client income with strong growth in underlying drivers. This is evident from pickup in net advances, which have grown by 8 percent since the start of this year. With a diversified product base, the Bank is well positioned to cater for the needs of its clients.
On the liabilities side, the bank's total deposits grew by 9 percent, whereas current and saving accounts grew by 10 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.
Commenting on the results, Shazad Dada, Chief Executive Officer, Standard Chartered Bank (SCB) said, "The Bank continues to perform well in 2018. Our client focused approach is unparalleled as we invest in our digital and advisory capabilities."-PR