Standard Chartered Bank Pakistan Limited (SCBPL) has posted a profit before tax of Rs100.6 billion reflecting a growth of 13% year on year (YoY).
Performance was driven by strong income growth of 9% YoY, with positive contributions from all segments.
Operating expenses of the bank reached the industry’s lowest cost-to-income ratio at 19%, despite high inflation and investments in infrastructure.
According to a statement filed at the Pakistan Stock Exchange (PSX), SCBPL said its prudent risk approach and recoveries of bad debts led to a net reversal in impairment of Rs4.9 billion during the year.
On the liabilities side, bank’s total deposits stand at Rs836 billion; up by Rs116 billion from last year, whereas current accounts registered a growth of Rs37 billion up 10% YoY and comprise 48% of the deposit base, as per the statement. On the asset side, net advances were lower by Rs49 billion or 22% compared to last year.
During 2024, the Bank contributed Rs78.9 billion to the national exchequer in lieu of direct income taxes, as an agent of Federal Board of Revenue (FBR) and on account of FED/Provincial Sales Taxes.
Commenting on the results, Rehan Shaikh, Chief Executive Officer and Head of Coverage, Standard Chartered Bank Pakistan said with a strong Return on Equity (ROE) of 43% for the year and a Capital Adequacy Ratio (CAR) of 23.5%, the Bank remains well positioned for future growth, as per a statement released by the company.
The statement added that on the back of a strong performance, the BoD announced a final cash dividend of 55.0% (Rs5.50/- per share). This is in addition to 35.0% (Rs3.50/- per share) interim cash dividend announced/paid during the year.
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