Standard Chartered Posts Rs. 7.1 Billion Profit in Q1 2022

Standard Chartered Bank Pakistan Limited (SCBPL) delivered a record performance in the first quarter of 2022, leading to profit growth of 119 percent year-on-year to Rs. 7.1 billion, according to financial results.

The bank’s overall revenue grew by 72 percent to deliver the highest ever quarterly revenue of Rs. 14.3 billion. Net interest income grew by 36 percent year on year, primarily driven by volume upside from strong balance sheet growth.

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Non-funded income recorded a growth of 167 percent, propelled by strong performance in FX, derivatives, and securities trading. Operating expenses continue to be well-managed through operational efficiencies and disciplined spending with an increase of 8 percent from the comparative period last year. Moreover, robust recoveries of bad debts, coupled with a prudent risk approach, led to a net release of Rs. 0.7 billion in Q1’22 compared to a net release of Rs. 0.6 billion in the comparative period.

All businesses have positive momentum with strong growth in underlying drivers. This is evident from the pickup in net advances, which have grown by Rs. 17.8 billion (up 8 percent) 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 bank’s total deposits grew by Rs. 23.2 billion (up 4 percent), whereas current and saving accounts grew by Rs. 27.8 billion (up 5 percent) since the start of this year and comprise 93 percent of the deposit base.

The bank continues to make good progress against its strategic priorities. The global network differentiates the bank for its clients, bringing forth innovative solutions, product specialization, and structured offshore offerings. The bank strives to maximize its contribution to SBP initiatives on promoting housing finance and is consistently ranked among the top institutions.

As of now, over Rs. 4 billion have been dispersed under the ‘Mera Pakistan, Mera Ghar’ scheme. SCBPL is also amongst the top five contributors to the Roshan Digital initiative and channeled remittances of over $350 million since inception, and contributed $300 million to the investments in Naya Pakistan Certificate (NPC).

Standard Chartered has continued to invest in technological advancements and digital infrastructure to provide further convenience and cyber security to clients. With the launch of its digital onboarding proposition, Standard Chartered is now able to reach more clients and provide them with the convenience of opening accounts and subscribing to products and banking services online.

Plans are in place to offer a host of other products and services that bring more accessibility to the clients, and the overall bank’s transformation journey stands well-curated. The bank also continues its efforts on the sustainability and impact front to tackle inequality and promote greater economic inclusion through Futuremakers by Standard Chartered.

Commenting on the results, Chief Executive Officer Standard Chartered Bank (Pakistan) Limited, Rehan Shaikh, said,

Our results for the first quarter of 2022 have set the tone for the year and we remain optimistic and plan to build on this momentum going forward. Our results demonstrate strong foundations and a clear path towards delivering on our strategic priorities. They are also reflective of our commitment to the country and our desire to capture opportunities in the market whilst providing best-in-class banking to our clients.

He added, “We continue to become more efficient and innovative operationally while investing in technologies and capabilities of the future. Our pivot to digital continues based on adopting best practices, leveraging the Group’s expertise, and incorporating the feedback from our clients in our offerings. I am extremely thankful to our shareholders, clients, and business partners for their ongoing trust in our capabilities, and our associates, staff, and colleagues for their keen commitment in supporting the bank at each step as we bring forth the best-in-class banking experience.”

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