Standard Chartered Bank Pakistan Limited (SCBPL) has delivered a record half-yearly profit before tax of Rs22 billion, registering an increase of 84%. The performance was driven by strong income growth, as well as continued cost and risk discipline.

According to a statement released by the bank, its overall revenue grew by 60% to deliver the highest ever top-line of Rs27.4 billion, with positive contributions from all segments. Operating expenses continue to be well managed through operational efficiencies and disciplined spending with an increase of 11%, as compared to the same period of last year.

Moreover, reversal of the Covid-19 general provision, coupled with lower impairments and strong recoveries, led to a net release of Rs1.3 billion in H1’22 against a net release of Rs0.7 billion in loan impairments in the comparative period. 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 Rs48 billion (up 8%), whereas current and saving accounts increased by Rs58 billion (up 10%) since the start of this year, and comprise 94% of the deposit base. On the other hand, advances increased by 2% during the first half of the year and the SCBPL continues to monitor the portfolio in the prevailing economic environment as part of its strategy to build a profitable, efficient and sustainable business, said the statement.

“The external environment remains challenging, however we remain fully committed to delivering a sustainable growth for our shareholders, bringing the best in class services and solutions for our clients and playing our part in the growth story of Pakistan,” it said.

The bank strives to maximise contribution to initiatives of the State Bank of Pakistan (SBP) on promoting housing finance, and is consistently ranked amongst the top institutions. As of now, over Rs4.9 billion has been dispersed under Mera Pakistan Mera Ghar scheme. The SCBPL has been a major contributor towards the Roshan Digital Account (RDA) initiative and has channelled remittances of over $367 million into Pakistan since inception, and contributed $320 million to the investments in Naya Pakistan Certificate (NPC).

In line with the State Bank’s efforts on financial inclusion, with enhanced digital offering, Standard Chartered is now able to reach more clients across the country and provide them with convenience of opening accounts as well as subscribing to products and banking services online.

Commenting on the results, Rehan Shaikh, SCBPL Chief Executive Officer, said, “Our record performance for the first half of 2022 clearly reflects strong foundations, enhanced productivity and good headway towards achieving our strategic priorities.”

“While we are investing heavily on our people, giving colleagues the skills they need to succeed, bringing in expertise in critical areas and evolving to a more innovative and agile operating model, we intend to drive innovation and increase our operational efficiency further. This operational leverage allows us to create capacity to invest in many exciting and potentially transformational initiatives as the bank’s pivot to digital continues,” he added.

Credit: Independent News Pakistan-WealthPak