Standard Chartered Bank (Pakistan) Limited has announced its H1 2018 Results. The Bank declared a Profit (after tax) of PKR 5.2 billion, which has increased 3 percent year on year.
Client revenue has increased by 10 percent year on year with a positive contribution from transaction banking, financial markets, and retail deposits. While administrative costs have also increased year on year, the spending has been mainly in the Bank’s products, services, and people to grow the franchise.
All businesses have positive momentum in client income with strong growth in underlying drivers. This is evident from a pickup in net advances, which have grown by 12 percent since the start of this year. This was a result of a targeted strategy to build profitable, high quality and sustainable portfolios.
With a diversified product base, the Bank is well positioned to cater to the needs of its clients. On the liabilities side, the Bank’s total deposits grew by 7 percent, whereas current and saving accounts grew by 9 percent 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 comprising 94 percent of the deposit base.
The interim cash dividend of 7.50% (Rs. 0.75/- per share) in respect of the half year ended June 30, 2018, has been declared by the Board of Directors in their meeting held on August 27, 2018.
Commenting on the results Shazad Dada, Chief Executive, Standard Chartered Bank (Pakistan) Limited, said, “These results demonstrate the resilience of our business. Financial performance in H12018 has been steady with encouraging growth in underlying drivers.