Corporate results: Standard Chartered Bank announces Rs7.6b profit

Revenue increases 13% on a year-on-year basis.

KARACHI:

The profit of Standard Chartered Bank for the first nine months of 2014 increased to Rs7.6 billion, which is 0.9% up from the same period of 2013. 

According to the nine-month financial accounts sent to the Karachi Stock Exchange on Thursday, Standard Chartered Bank increased its revenue 13% on a year-on-year basis.

“Due to continuous cost discipline, administrative costs have increased by only 4%, which is less than the on-going rate of inflation. Excluding a one-off reversal in general overhead and administrative expenses last period, costs have decreased by around 11%,” a statement by the bank said.

Deposits increased 6% in January-September while continuous increase in low-cost deposits resulted in current and savings account now comprising over 90% of the deposit base, the statement added.

The bank’s retail business focused on build-up of unsecured assets, while conservative credit expansion was pursued in commercial clients and corporate and institutional clients segments, it stated.

Commenting on the results, Standard Chartered CEO Shazad Dada said the management has repositioned itself to take advantage of the enormous opportunities in the country with a disciplined and proactive approach towards risk management. “With a longstanding presence in Pakistan, we believe in sustained growth delivered through a continuing focus on our clients and a prudent approach to building the balance sheet,” he said.

Published in The Express Tribune, October 31^st, 2014.

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