Standard Chartered Bank maintained its profitable trajectory with 36% year-on-year growth in the bottom line in the first half of 2020.
According to the financial results, the bank made a profit of Rs. 9.85 billion from January to July 2020 as compared to a profit of Rs. 7.23 billion in the same period last year, showing an increase of Rs. 2.6 billion.
The profit growth was sustained despite the COVID-19 outbreak, its related lockdown, and the transition of the leadership witnessed by the bank.
The bank performed exceptionally well in H1 2020 and delivered Profit before tax of Rs. 16.2 billion, which is 26 % higher than the corresponding period last year.
The current slowdown in economic activity due to COVID-19 impacted the momentum of the advances. The bank is closely monitoring the portfolio in the backdrop of the changing economic environment and is maintaining adequate provisions, where required.
Standard Chartered Pakistan achieved another milestone as total deposits crossed Rs. 500 billion. With a growth of 17 % in H1 2020, total deposits closed at Rs. 547 billion, with current and saving accounts constituting 93 percent of the deposits. The robust performance resulted in an increase of 14% in total assets, reaching Rs. 700 billion.
The optimal funding structure of the balance sheet continues to support the bank’s performance.
Commenting on the results, Rehan Shaikh Chief Executive Officer Standard Chartered Bank (Pakistan) Limited said,
I am delighted to announce our First Half 2020 results. The bank has performed exceptionally well and has continued to deliver on all key metrics on the back of a strong balance sheet. While the external environment remains challenging, our results demonstrate our strong business fundamentals. We continue to invest in digital capabilities to enhance our clients’ banking experiences whilst continuing to focus on strengthened foundations of controls and conduct, equipping us to effectively manage our risks, capital, and liquidity. The prudent and proactive measures that we are taking now will make us leaner and fitter to take advantage of the opportunities that will help the franchise grow in the future.