Wednesday, June 19, 2024

Standard Chartered Pakistan Delivers Record Financial Performance

A record profit before tax of PKR 50.1 billion was produced by Standard Chartered Bank Pakistan Limited (SCBPL), representing an increase of 102% compared to the previous year. Strong income growth and ongoing cost and risk management practises also contributed to the performance.

To achieve a top line of PKR 62.6 billion, the total revenue increased by 68%, with strong contributions from all segments. Operating expenses were efficiently managed through efficiency and restrained spending, even with a high level of inflation and ongoing investments in our infrastructure. They increased by 14% from the previous year.

The Bank has committed USD 249,000 to flood relief operations in Pakistan in 2022 in addition to its ongoing efforts under the “Futuremakers by Standard Chartered” initiative to combat inequality and encourage greater economic inclusion for young people in the community.

The Bank is still well-positioned for future expansion with a solid Return on Equity (ROE) of 23.7% for the year and a Capital Adequacy Ratio (CAR) of 18.68%.
The Board of Directors was happy to declare a final cash dividend of 25% (PKR 2.50/- per share) as a result of the company’s good performance. This resulted in the largest full-year dividend ever of 40% (PKR 4.00/- per share).

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