Standard Chartered Bank Announces Modest Growth in Q1 2018

Standard Chartered Bank (Pakistan) has recorded a modest growth of 2.4% in the profit of first quarter 2018 as compared to the same period of last year. According to the financial results, the bank recorded a profit of Rs.2.72 billion as compared to Rs. 2.66 billion registered in the period of January to March 2017. Standard Chartered Bank has reported a profit of PKR 4.2 billion (before tax) compared to PKR 4.1 billion for the same period last year. Total revenue remained resilient, recording a growth of 1% despite reduced margins and re-pricing within the investments portfolio. However, client revenue has increased and is up by 8% year on year. ALSO READ Standard Chartered & Emirates Airlines Bring New Debit Card for Frequent Flyers Total administrative costs continue to be well managed through operational efficiencies and disciplined spending with a decrease of 1% from comparative period last year. All businesses have positive momentum in client income with strong growth in underlying drivers. This is evident from a pickup in net advances, which have grown by 7% since the start of this year. This was a result of a targeted strategy to build profitable, high quality and sustainable portfolios. With a diversified product base, the bank is well positioned to cater to the needs of its clients. On the liabilities side, the Standard Chartered’s total deposits grew by 8 percent, whereas current and saving accounts grew by 9 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% of the deposit base. Commenting on the results Shazad Dada, Chief Executive, Standard Chartered Bank (Pakistan) Limited, said,