Standard Chartered Bank (Pakistan) Limited announced its results for third quarter and first nine months of 2016 with a profit before tax of Rs. 12.1 billion for the first nine months of 2016 despite margin compression due to lower interest rates.
Administrative costs continue to be well managed through operational efficiencies and disciplined spending, thereby leading to a 1per cent decrease from a comparative period. Moreover, strong recoveries of bad debts, coupled with lower impairments led to a net release in the charge for the period.
There is a positive momentum in the advances across all business segments with a strategy to build profitable, efficient and sustainable portfolio. On the liabilities side, the bank’s total deposits grew by 9per cent 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 93per cent of the deposit base. Commenting on the results, Shazad Dada, Chief Executive Officer, Standard Chartered Bank said,
“The Bank has seen a strong third quarter performance. The bank continues to invest into its digital capabilities and infrastructure to enhance banking experience through introduction of innovative digital solutions. We are well positioned to take advantage of long-term growth opportunities in Pakistan. While maintaining a strong focus on controls we endeavour to further enhance the quality of our client experience.”
Last year we heard that they are packing up their operations in Pakistan, now this different story. Amaizing.
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What were the major investments of the bank that reached the bank up to 12 billions profit.Was it a high rating of loaning to the business community that motivated the consumer market up to hundreds fold up such as the green chili up to 200,shalaghum,Rs.60 kg,mater,200,kadu,70,gajer,60 and so on.The people of Pakistan would like to know the very philosophical strategy that has been boosting the financial head of the banking sector in Pakistan whether at the cost of the people or at the cost of the people facilitation.
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Yeah standard chartered pakistan is paying 3.5% profit to customers in comparison to 4.5% minimum set by state bank. And mcb giving 6.5%. Even all there charges are almost double compared to other banks. Other banks charge 50 Rs to transfer payment to interbank and low standard chartered charge Rs. 100. I can continue the list. Every bank has an equivalent service.
You are in a better place. UBL charges Rs. 150 for a transfer. But the rest of their services are top-notch, so I am happy. If you want low-cost transfers, try Meezan. They only charge Rs. 10 per transfer.
Any bank that provides free SMS alerts and free Debit card + check book? I want to move from HBL that is charging Rs. 116 for monthly SMS alerts.
SCB doesn’t charge for SMS and internet banking. Plus debit card + check book are free as well.