Standard Chartered Bank Pakistan Limited announces H1 2017 Results
Highlights:
- H1 2017 profit (before tax) is PKR8.6 billion
- Strong growth in advances by 26per cent
- CASA mix at 93per cent
Standard Chartered Bank (Pakistan) Limited has announced its H1 2017 Results.
The Bank declared a Profit (before tax) of PKR 8.6 billion in H1 2017.
Revenue was lower by PKR 1.6 billion primarily due to reduced margins and re-pricing within the investments portfolio. However, underlying client income across all segments has increased. Administrative costs continue to be well managed through operational efficiencies and disciplined spending with in-country cost decreasing by 3per cent from comparative period of last year.
The Bank’s advances have grown by 26per cent since the start of this year. On the liabilities side, the bank’s total deposits grew by 4per cent, whereas current accounts grew by 8per cent 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 93per cent of the deposit base.
Interim cash dividend of 7.50 % (Re. 0.75/- per share) in respect of the half year ended June 30, 2017 has been declared by the Board of Directors in their meeting held on August 28, 2017.
Commenting on the results Shazad Dada, Chief Executive, Standard Chartered Bank (Pakistan) Limited, said, “These results demonstrate resilience of our business. We are well capitalised, highly liquid and are becoming stronger, leaner and more efficient. With a diversified product base, the Bank is well positioned to cater for the needs of its clients. We are now focused relentlessly on building sustained asset & income growth with existing and new clients and are working hard to further optimise our control environment to achieve that.”
