Standard chartered: Pre-tax profit increases 63%

The bank says its nine-month profit (before tax) is of Rs11.3 billion, resulting in earnings per share of Rs1.90.

KARACHI: Standard Chartered Bank (Pakistan) Limited has announced its third quarter results and said the bank continues to build on the business momentum despite a challenging economic and external environment. “The bank continues to deliver strong financial performance with a nine-month profit (before tax) of Rs11.3 billion, resulting in earnings per share of Rs1.90. This is 63% higher than the corresponding period of last year,” it says in a press release. The bank recorded a decrease in administrative expenses because of a reversal in executive and general administrative expenses. Excluding this reversal, administrative expenses moderately increased by 2%. On the other hand, the decline in revenue due to lower interest rates was partially covered by growth of low-cost deposits in the period. Commenting on the results, Bank Chief Executive Mohsin Nathani said, “The bank continues to be conservative in balance sheet growth while maintaining cost discipline and prudent credit expansion.”

Published in The Express Tribune, November 1^st, 2013.

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