Standard Chartered Bank (Pakistan) is among the few emerging banks in Pakistan with assets base above the Rs. 500 billion mark. It is the eleventh bank to achieve this milestone.
“The bank considered it as a historic milestone was achieved in this period whereby the bank’s total assets crossed over Rs. 500 billion,” the official statement issued here.
Commenting on the results, Mr. Shazad Dada, Chief Executive Officer Standard Chartered Bank said,
We have had an encouraging progress in 2017, in which we have reengaged with our clients, continued to invest in our people, culture, infrastructure and digital platforms. We have also made steady progress in further strengthening our control and compliance environment. We are well capitalised, highly liquid and are becoming stronger, leaner and more efficient. This year a historic milestone has been achieved whereby the Bank’s total assets crossed over 500 billion.
Standard Chartered Bank is the only foreign bank listed with Pakistan Stock Exchange (PSX).
Standard Chartered Bank Profit Drops by 16%
The bank announced its results for third quarter and first nine months of 2017. The bank witnessed a double-digit decline in its profitability of 16 percent by the end of its third quarter, which is more than Rs. 1 billion.
Its profit after tax declined to Rs. 6.32 billion in Q3 2017 as against of Rs. 7.335 billion in Q3 of 2016.
“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 19% since the start of 2017. With a diversified product base, the Bank is well positioned to cater for the needs of its clients.”
Revenue was lowered by Rs. 1.4 billion primarily due to reduced margins and re-pricing within the investments portfolio. However, client revenue across all segments increased and is up by 10% year on year. Administrative costs continue to be well managed through operational efficiencies and disciplined spending with in-country cost decreasing by 1% from comparative period last year.
On the liabilities side, the bank’s total deposits grew by 7%, whereas current and saving accounts grew by 5% 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 92% of the deposit base.