Standard Chartered Bank profit rises 5.7%

KARACHI:

Standard Chartered Bank (Pakistan) posted a profit of Rs4.9 billion for the first six months of 2015, up 5.7% from the unconsolidated earnings recorded in Jan-Jun 2014.

According to a statement released by the bank on Thursday, revenue increased 11% over the first half of last year while administrative costs declined 4% in the six-month period on a year-on-year basis.

A growth of over 9% has been recorded in deposits 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 now comprising over 90% of the deposit base. This has resulted in the bank having one of the lowest costs of deposits in the industry,” it said.

The bank also announced an interim cash dividend of 7.5%, or Rs0.75 per share, with the half yearly results.

Published in The Express Tribune, August 28^th,  2015.

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