Standard Chartered Pakistan Posts Profit Growth of 3.5% in Nine Months

Standard Chartered Bank Pakistan Limited (SCBPL) delivered a strong performance, that has led to a growth of 20 percent in profit-before-tax to Rs. 75.5 billion for 9MCY24 with profit-after-tax coming in at Rs. 32.5 billion during the period, up 3.52 percent over 9MCY23.  Overall revenue grew 16 percent year-on-year with positive contributions from all segments. While operating expenses increased 18 percent from comparative period in line with inflation, the Bank continues to lead the industry with the lowest cost to income ratio of 18 percent.   Moreover, lower impairments because of prudent risk approach coupled with recoveries of bad debts led to a net release of Rs. 1.8 billion for the nine months period ended 30 September 2024 compared to a net charge of Rs. 615 million in the comparative period.  On the liabilities side, the Bank’s total deposits stand at Rs. 842 billion; up by Rs. 123 billion since the start of the year, whereas current accounts registered a healthy growth of Rs. 33 billion up 9 percent since the start of this year and comprise 47 percent of the deposit base. On the asset side, net advances were lower by Rs. 25 billion (11 percent) since the start of this year.   The Bank is investing in its digital capabilities and infrastructure to enhance its clients’ banking experience through the introduction of innovative solutions. These capabilities can substantially and economically scale up mass market retail presence through enhanced data analytics and a superior end-to-end digital experience. Bank has also upgraded the core banking system to an advanced platform. Standard Chartered stands well placed to cater to the needs of its clients and will continue its strategy to build a profitable, efficient, and sustainable portfolio.  Commenting on the results, Rehan Shaikh, Chief Executive Officer, Standard Chartered Bank (Pakistan) Limited said, “I am incredibly proud of our team’s unwavering dedication which delivered outstanding results in Q3 2024. This achievement reflects our relentless pursuit of excellence in every aspect – elevating customer experiences and driving meaningful growth. I am thankful to our shareholders, clients, and business partners for their continued trust in our capabilities. Together, we are setting new benchmarks for success.”  With a strong Return on Equity (ROE) of 43.3 percent for the period and a Capital Adequacy Ratio (CAR) of 22.9 percent, the Bank remains well positioned for future growth.   Standard Chartered has also been recognised by the CFA Society, receiving two prestigious accolades: Best Bank 2023 in the Mid-Sized Banks category and the Gender Diversity at Workplace Award.   In addition, the Bank’s efforts in making a difference in the communities it works in are underscored through a variety of initiatives in Q3. Through the launch of the SC Women in Tech Programme, Bank continues to address gender disparity in the technology sector. Through the Goal Accelerator Programme, a sport-powered initiative, Bank works to create concrete pathways for disadvantaged girls and young women to become economically resilient. The Bank has also partnered with Karachi United and launched the Seventh Youth League – Football Tournament to promote sports amongst children for the seventh year in a row.