Standard chartered pakistan: First half profit for 2012 increases 45%

KARACHI: Standard Chartered Bank (Pakistan) Limited has announced its results for the first half of 2012 (H1 2012). The bank’s profit before tax has grown by 45% to Rs3,900 billion in H1 2012 compared to H1 2011; with earnings per share up at Rs0.65 per share, from Rs0.44 per share in H1 2011. Administrative costs have remained more or less flat, despite continuing double digit inflation. Deposits have increased by 6% to Rs249 billion from Rs236 billion, while advances (net of provisions) have grown by 4% to Rs135 billion, from Rs130 billion in December 2011. Assets quality remains good, with a high coverage ratio of 82% for non-performing loans. The bank thus remains well capitalised and highly liquid, with surplus funds continued to be deployed in government securities. An interim cash dividend of 7.50% (Re0.75 per share) has been declared by the board of directors in their meeting held on August 28, 2012.

Published in The Express Tribune, August 30^th, 2012.