Standard Chartered Bank Pakistan has posted a handsome growth of 28.8 percent in the first quarter of 2019 compared with the similar period of last year.
According to the financial statements, the bank recorded a profit of Rs. 3.51 billion in the period of January to March as against Rs. 2.72 billion registered in the similar period last year.
The bank delivered a strong profit in the first quarter of 2019 which led to a growth of 61 percent in profit before tax to Rs. 6.7 billion. Overall revenue growth was 38 percent, whereas client revenue increased by 22 percent year on year with positive contribution from transaction banking, corporate finance, treasury markets and retail products.
Operating expenses continue to be well managed through operational efficiencies and disciplined spending with a decrease of 6 percent from last year.
All businesses have positive momentum in client income with strong growth in underlying drivers. This is also evident from the pickup in net advances which have grown by 6 percent since the start of this year. This was the result of a targeted strategy to build profitable, high quality and sustainable portfolios.
On the liabilities side, the bank’s deposits grew by 3 percent, whereas current and saving accounts grew by 2 percent since the start of this year and are now 94 percent of the deposits base. The optimal funding structure of the balance sheet continues to support the Bank’s performance.