Standard Chartered Bank (Pakistan) has recorded a modest growth of 2.4% in the profit of first quarter 2018 as compared to the same period of last year.
According to the financial results, the bank recorded a profit of Rs.2.72 billion as compared to Rs. 2.66 billion registered in the period of January to March 2017.
Standard Chartered Bank has reported a profit of PKR 4.2 billion (before tax) compared to PKR 4.1 billion for the same period last year.
Total revenue remained resilient, recording a growth of 1% despite reduced margins and re-pricing within the investments portfolio. However, client revenue has increased and is up by 8% year on year.
Total administrative costs continue to be well managed through operational efficiencies and disciplined spending with a decrease of 1% from comparative period last year.
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 7% 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 Standard Chartered’s total deposits grew by 8 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 93% of the deposit base.
Commenting on the results Shazad Dada, Chief Executive, Standard Chartered Bank (Pakistan) Limited, said,
These results demonstrate the diversity and resilience of our business. Fundamentally we have given a strong financial performance in the first quarter supported by positive trajectories in client income, net advances and deposits. We have made steady progress in further strengthening our control and compliance environment by focusing on our people, culture and systems. We are fully committed to delivering sustained growth by consistently focusing on developing best in class product suite and services, keeping our clients at the centre of everything we do.